Exposure to China puts tourism, seafood and kiwifruit sectors at risk: report
Fresh Common Lobster
Published Oct 8, 2020
Tridge summary
New Zealand’s reliance on China as its biggest export market leaves key sectors of the economy at risk, a report from Westpac says.
Original content
The most exposed sectors are tourism, seafood and golden kiwifruit, the report says. University and English language schools were also at high risk, while meat, fruit and wood were exposed, but less so. Dairy was considered low risk. While Chinese demand for food and wood from New Zealand was strong, China has may other countries to choose from, report author Nathan Penny said. More than a third of New Zealand seafood went to China, but accounted for only 3 per cent of Chinese imports. China could easily find substitutes, he said. Rock Lobster Council chief executive Mark Edwards said exports to China offered the best returns on lobsters. China’s border closures in response to Covid-19 suggested the strategy was risky, but other countries had not yet resumed business like China had, Edwards said. Rock lobster exports to China were halted in January and the $320 million industry was forced to seek Government assistance. Exports resumed in April. Lobster exporters had made ...
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