New Zealand exports to Korea grow with FTA
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. 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).
From 1 January 2017, the list of products that can be exported duty free will expand to include products such as prepared or preserved frozen potatoes and asparagus and others.
