The coronavirus appears to have reduced this country's exports to China by at least $142 million in February and reduced imports to this country from China by even more.
Provisional figures from Statistics NZ show the total value of this country's exports to China was about $1.1 billion in February, which was down by $142 million (-12.9%) compared to the same period of last year.
However the loss of exports may be even greater than that because previous figures published by Statistics NZ showed that if exports to China had continued on the same trend as they had before the coronavirus outbreak, they would have been about $300 million higher.
But the problems caused by the virus appear to have had an even bigger impact on imports from China.
Statistics NZ estimates the value of imports from China was about $775 million in February, down by about $169 million (-21.8%) compared to the same period last year.
So far, the disruption to the export trade appears to have largely been contained to trade with China.
Statistics NZ estimates that the total value of this country's exports to all countries was $4.9 billion in February, about the same as a year earlier.
But imports have taken a much bigger hit.
Imports from all countries are estimated at $4.245 billion in February, down by $540 million from a year earlier.
4 Comments
An east coast logging contractor has told Newshub he's losing hundreds of thousands of dollars every month as the trading effects of the coronavirus wreak havoc.
It's estimated 300 people are being laid off or having their hours reduced on the east coast alone from an industry critical to the regional economy.
https://www.newshub.co.nz/home/rural/2020/03/gisborne-residents-plead-f…
We import more from China & actually less export to them. Means? - great time ahead! China already overcome this Covid19 - In next clever way? China will prevent such similar Covid19 breakout by.... putting their productions in the world distributed locations, just with 'minor fee to each locations ruling elite'. Means no more disruption from here on, The warehouse can still source the same plastic toy imports from China but via it's distribution's stock country eg. Fiji, Papua etc.- And? likewise, NZ can export their logs via Pacific Nations, save cost on travel, some of those logs to be used locally to float the island area to fend from Sea intrusion, some to be pickup by Chinese cargo ships, travel back to China and week later back to NZ via Solomon distribution centre.. being turned as a cheap autumn, winter, spring, summer furnitures - you can't loose to put all eggs in one China basket, they have modern principle of 'sharing for the betterment of humanity & global environment' - Those British & modern USA imperialism, have got plenty to learn from 'Confuse us harmony living principle.'
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.