NZ trade delegation heads to China as its economy falters

A New Zealand trade delegation is headed to China, aiming to unearth new opportunities as its economy falters.

China's exports declined at a slower pace in August, even as the world's second-biggest economy remains under pressure from weaker demand both domestically and abroad.

Exports for August slumped 8.8% from the same time last year, totalling NZ$485 billion, and were slower than the 14.5% last month, according to Customs data today.

Imports slid 7.3% from a year ago, but beat consensus estimates of a 9% decline.

Chinese leaders have in recent months rolled out several policy measures to shore up the economy after a post-Covid rebound fizzled earlier than expected.

China's central banks have eased borrowing rules, relaxing borrowing rules and lowering mortgage rates for first-time home buyers as well as implementing some tax relief measures for small businesses.

However, authorities have yet to announce large-scale stimulus spending or tax cuts.

Demand for Chinese exports weakened after the Federal Reserve and central banks in Europe and Asia began raising interest rates last year to cool inflation that was at multi-decade highs.

It comes as more than two dozen New Zealand exporters and importers are jetting off to China tomorrow to check out new trade opportunities.

The delegation is being led by head of the Auckland Business Chamber Simon Bridges.

He explained how China's faltering economy is already having an effect here.

"It's having an impact on our primary sector and tourism, some are coming here, but not as many as we'd like," Bridges told 1News.

There are some signs of positivity as global dairy prices rebound after hitting a seven-year low.

Bridges also remains positive about our trading future with the economic giant.

"It's not all doom and gloom, it will get through this and it'll still be a very big market for us. There are still opportunities to grow."

Additional reporting by Associated Press