Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ beef exports to Taiwan rise to record

NZ beef exports to Taiwan rise to a record, propelling it to 3rd largest market

By Tina Morrison

Feb. 10 (BusinessDesk) - New Zealand beef exports to Taiwan rose to a record in 2015, propelling it to the country’s third-largest beef market behind the US and China.

In 2015, New Zealand’s beef exports to Taiwan jumped 36 percent to $188.6 million, while the volume increased 20 percent to 23,442 tonnes, according to Statistics New Zealand data compiled by the Meat Industry Association. That pushed it above Japan in value and ahead of Japan and Korea in volume to become the country’s third-largest beef market.

Taiwan also takes higher-value meat, with an average value last year of US$5.68 per kilogram, compared with US$5.08/kg for the US, and US$4.94/kg for China, according to AgriHQ data.

New Zealand’s trade with Taiwan has accelerated since an ANZTEC economic cooperation agreement came into force in December 2013. That’s seen it jump to New Zealand’s seventh-largest export market for merchandise trade, up from the 10th largest in 2013.

The agreement saw the tariff on New Zealand beef cut to zero, from a previous rate of about 46 cents per kilogram per cubic metre. Trade Minister Todd McClay said the latest figures demonstrate the many benefits that trade agreements deliver for the New Zealand economy and shows why the government continues to promote a progressive free-trade agenda.

Local exporters may have been diverting product away from Japan and Korea, historically the second and third largest markets but where economic growth has been weak and where they face competition from Australia and the US, analysts said.

“It’s really changing the face of our markets at the moment,” said Nick Handley, senior analyst at AgriHQ. “It used to be quite normal for 10 years or so that the US was miles in front and then South Korea and Japan pretty comfortably taking number two and three - now China is on board, Taiwan is number three and Malaysia is steadily climbing onto the radar.”

Last year, the US took about half New Zealand's 443,142 tonnes of beef exports, while China took about 17 percent. Taiwan and Canada each took about 5 percent of export volumes, while Korea and Japan each took 4 percent.

Handley said he expects China to remain the second-largest market, with Taiwan, Canada and South Korea remaining close, and Japan continuing to hold the sixth position.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Consents For New Homes At All-Time High

A record 41,028 new homes have been consented in the year ended March 2021, Stats NZ said today. The previous record for the annual number of new homes consented was 40,025 in the year ended February 1974. “Within 10 years the number of new homes ... More>>

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Reserve Bank: Concerned About New Zealand's Rising House Prices

New Zealand house prices have risen significantly in the past 12 months. This has raised concerns at the Reserve Bank of New Zealand – Te Putea Matua about the risk this poses to financial stability. Central banks responded swiftly to the global ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>