China's slowdown pushes New Zealand exporters to diversify away from their top buyer, RBNZ official tells CNBC
New Zealand exporters are diverting shipments bound for China to new markets, as demand from the country's top buyer cools, a central bank official tells CNBC.
TL;DR
- New Zealand exporters are diverting shipments from China to other markets.
- China's economic slowdown, characterized by multi-year low growth, is impacting demand.
- China has been New Zealand's largest trading partner, accounting for about a quarter of its exports.
- Global factors like the Middle East war and shipping disruptions are affecting commodity costs and China's import demand.
- New Zealand's central bank recently raised interest rates to combat inflation.
- The Reserve Bank of New Zealand signaled potential further interest rate hikes.