U.S. Markets close in 2 hrs 51 mins

News Summary: China now New Zealand's top market

The Associated Press

MILK POWERED: China's thirst for quality milk has made it New Zealand's top export market for the first time. Neighboring Australia had long been New Zealand's biggest market.

BIG JUMP: Figures released Friday by Statistics New Zealand show that in the first quarter of 2013, exports to China were up 32 percent from a year earlier to 2.3 billion New Zealand dollars ($2 billion). Meanwhile, exports to Australia were down 7 percent to NZ$2.2 billion.

FREE TRADE: New Zealand's exports to China have more than tripled since 2008, when the two countries signed a free trade agreement, the first such agreement China signed with a developed nation.