Industrial products see huge export opportunities in New Zealand
VOV.VN - There’ll be plenty of opportunity for industrial products to make inroads into the New Zealand market in the future as this market is increasing imports of these products from regional countries, including Vietnam, according to the Ministry of Industry and Trade (MoIT).
With a population of approximately 4.9 million, New Zealand prioritises developing services and agriculture, leaving behind labor - intensive manufacturing industries of consumer goods such as textiles, footwear, leather among others.
In addition, the ongoing shifting of global supply chains in the electronics and IT industries to Asian markets prompts New Zealand to import these products from China, Thailand, Vietnam and Taiwan.
MoIT statistics show New Zealand typically imports phones, electronic computers, textiles, footwear, chemicals, and industrial items from Vietnam, all of which have witnessed high average growth in recent times.
The first half of the year saw New Zealand import industrial products coded HS 90, HS 84, HS 85, HS 94 from Vietnam, with a growth rate of over 70% compared to the same period from last year.
However, the export turnover of Vietnamese industrial products to the New Zealand market fluctuated at around 0.3% of its total export turnover to other markets.
Furthermore, the market share of Vietnamese goods in this market remains low, accounting for only approximately 1.6% of New Zealand's total import demand.
Experts say aside from a high demand for processed and industrial products, the signing of numerous Free Trade Agreements (FTAs), such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), will elevate bilateral trade ties. As a result, it is anticipated that the mutual partnership between the two sides can reach new heights the near future.
With New Zealand’s increasing demand for consumer goods, including textiles, footwear, bags, furniture, and consumer electronics, there is ample room for these Vietnamese products to penetrate the demanding market in the future, says the MoIT.
