Wellington, 23 November 2021 (TDI): New Zealand’s trade with South Korea has enhanced in the year 2021, the Foreign Ministry of New Zealand announced today.

South Korea has become New Zealand’s 5th largest goods trading partner and 5th largest goods export market.

Since the signing of the Korea-New Zealand Free Trade Agreement in 2015, the exports figure has risen by 80%. The primary exports between Japan and New Zealand now account for 77%.

The food and beverage exports have also increased, amplifying the exports up by 3% this year. The two-way trade between New Zealand and South Korea reached $4.44 billion during the current year.

Timber was the leading product of export with Korea, reaching $324 million. Manuka honey exports of the country reached a new high and have shown15% growth. The export of honey generated $4.7 million for New Zealand.

While the Kiwifruit trade has risen by 23% in value and 16% in volume to reach $191 million. With this Korea lines up at the 4th place who export Kiwifruit.

Moreover, the export of Meat rose by 7%, reaching $180 million.

Open Business Travel 

The business community of New Zealand is demanding their government to re-open travel for business and investors, to New Zealand.

New Zealand’s national flag carrier is consistently operating direct flights between Auckland and Incheon. Earlier this month, Korea had also shown trust in Wellington by starting scheduled flights between Auckland and Incheon. They have also started cargo flights weekly.

Korean Economy performs well under the pressure of recovery from the pandemic. The Korean economy is already on its track on account of achieving around 3.8-4% growth this year.