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New Zealand Exports to U.S. Reach Record $5.4 Billion, Driven by Strong Demand and Kiwi Dollar Decline

New Zealand 27.06.2024
Source: The DairyNews
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Exports from New Zealand to the United States reached a record 8.8 billion New Zealand dollars ($5.4 billion) in the 12 months through May, marking an 8.9% increase from the previous year, according to Statistics New Zealand.
New Zealand Exports to U.S. Reach Record $5.4 Billion, Driven by Strong Demand and Kiwi Dollar Decline
freepik.com
In contrast, annual sales to Australia dropped by 2.4% from the previous year to NZ$8.7 billion, down from a peak of NZ$9.1 billion in mid-2023. While China remains New Zealand’s largest market, with exports totaling NZ$17.9 billion over the year — representing 26% of the total — Australia has consistently held the second spot since the late 1980s, supported by a free-trade agreement and geographic proximity across the Tasman Sea.

The relative strength of the U.S. economy has boosted demand for New Zealand products, further aided by the kiwi dollar’s 3.3% decline against the U.S. dollar this year, enhancing the value of sales. The New Zealand dollar has only declined by 0.4% against the Australian dollar since January 2.

Overall, New Zealand’s exports in May rose to a record NZ$7.2 billion, with sales to the U.S. hitting a record NZ$1.02 billion. U.S. buyers showed strong interest in New Zealand wine, dairy products, and meat, while Australian customers reduced their purchases of mechanical machinery.

May is typically a peak month for New Zealand exports, coinciding with the height of the fruit and vegetable season following the southern hemisphere summer. Wine exports in particular surged by 38% compared to May last year, according to the statistics agency.
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