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New Zealand Exports to U.S. Hit Record High Amid Strong Demand

New Zealand 25.06.2024
Source: The DairyNews
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Exports from New Zealand to the United States reached a record 8.8 billion New Zealand dollars (USD 5.4 billion) in the 12 months through May, as reported by Statistics New Zealand on Monday in Wellington. This marks an 8.9% increase from the previous year. In contrast, annual sales to Australia fell by 2.4% year-on-year to NZD 8.7 billion, down from a peak of NZD 9.1 billion in mid-2023.
New Zealand Exports to U.S. Hit Record High Amid Strong Demand
China remains New Zealand's largest market, with exports valued at NZD 17.9 billion in the year through May, accounting for 26% of total exports. Despite this, Australia has consistently been the second-largest market since the late 1980s, aided by a free-trade agreement and geographical proximity across the Tasman Sea. The relative strength of the U.S. economy has driven increased demand for New Zealand products, while a 3.3% decline in the kiwi dollar against the U.S. dollar this year has further boosted the value of sales.

The New Zealand dollar has seen a marginal decline of just 0.4% against the Australian dollar since January 2.

Overall, New Zealand's exports in May surged to a record NZD 7.2 billion, with sales to the U.S. alone reaching a record NZD 1.02 billion. U.S. buyers significantly increased their purchases of wine, dairy products, and meat in May, according to the statistics agency, whereas Australian customers reduced their purchases of mechanical machinery.

May typically represents a peak period for exports, coinciding with the height of the fruit and vegetable season following the southern hemisphere summer. Wine exports saw a notable increase, surging 38% from May of the previous year.
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