Monday, 09 January 2017 10:06

FTA boosting exports to Korea

Written by 
The start of 2017 saw two thirds of New Zealand’s exports to Korea become duty free, up from 46% in 2016.
Trade Minister Todd McClay says more local food businesses looking to expand into Korea will benefit from the latest round of tariff reductions under the New Zealand-Korea Free Trade Agreement, signed December 2015. New Zealand has experienced strong results particularly in the food and beverage sector where exports to Korea have increased by over 16%. Korea is New Zealand’s 6th largest goods export market, worth NZ$1.5 billion in the year ending September 2016. Meat, dairy, fruit and seafood exports have all enjoyed growth of over 20%. The value of New Zealand’s Kiwifruit exports to Korea grew nearly 20% in 2016 with further progress expected as the 30% tariff on Kiwifruit has now reduced to 22.5% per cent (half of what exporters were paying before the FTA). While New Zealand is ranked as Korea’s 10th-largest wine importer, we are emerging as a source of high quality wine among early adopters in the market. The $2.7 million in New Zealand wine sales to Korea in 2015 represented an 18% increase from a year earlier. Following the removal of tariffs at the end of 2015, New Zealand wine exports increased a further 29% in the first half of 2016 compared to a year earlier. Exports of processed deer velvet have also increased by over 80%. From 1 January 2017, the list of products that can be exported duty free will expand to include products such as frozen fish fillets, prepared or preserved frozen potatoes and asparagus.

More like this

A potential bogey for NZ/EU trade deal

The fallout from a golf match out in the west of Ireland could have negative repercussions on the outcome of New Zealand’s Free Trade Agreement (FTA) with the European Union.

Irish golf dinner furore; Hogan quits

A passion for golf has led to the downfall of one of the European Union’s most powerful figures and the man who is heading the FTA trade negotiations with NZ.

Featured

 

OSPRI and LIC join forces

OSPRI and the Livestock Improvement Corporation (LIC) are urging farmers to play their part in improving animal traceability at a critical time on farm.

Awards help winners fine-tune

Newly-crowned Share Farmers of the Year Sarah and Aidan Stevenson are looking forward to their leadership roles over the next 12 months.

National

Machinery & Products

New tractor fills the gap

Deutz Fahr has introduced the new 8280 TTV, which is aimed at filling the gap between its current 7 and…

» The RNG Weather Report

» Latest Print Issues Online

The Hound

Bully boys?

OPINION: This old mutt hears that there is some discontent in the wool sector at the tactics being used by the…

Tacky!

OPINION: Your canine crusader, like many in the rural sector, was deeply distressed to hear the tragic news that a…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter