Nova Zelanda: Visió econòmica i política
Foreign trade is an essential element of New Zealand's economy, which is one of the most open economies in the world. Trade represents around 54% of GDP (World Bank, latest data available). The country mainly exports agricultural products. In 2022, exports were led by milk (15%), butter (6.2%), sheep meat (6%), bovine meat (5.9%), and wood (4.9%); whereas imports included petroleum oils (10%), motor cars (7.8%), vehicles for the transport of goods (2.5%), and telephones (2.5% - data Comtrade).
New Zealand's major export partners in 2022 were China (28%), Australia (12.1%), the United States (10.8%), Japan (5.8%), South Korea (3.7%), and Indonesia (2.9%). On the other hand, imports came chiefly from China (23.1%), Australia (11.1%), the United States (8.9%), South Korea (6.4%), and Japan (6.3% - data Comtrade). The country is a founding member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). A Regional Comprehensive Economic Partnership (RCEP) - the world’s largest trade agreement - was also signed in 2020 which includes 7 of New Zealand top 10 trading partners and 16 countries in total: Australia, Brunei, Cambodia, China, India, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand and Vietnam, and could eventually replace the CPTPP. Moreover, New Zealand signed a free trade agreement with the UK on 28 February 2022 and the European Union concluded negotiations for a comprehensive trade agreement with New Zealand on 30 June 2022, which was signed on 9 July 2023.
According to WTO data, in 2022, New Zealand’s goods exports totalled USD 45.1 billion against USD 54.2 billion in imports (+0.7% and +8.7% y-o-y). As per services, the figures stood at USD 11.4 billion and USD 16.8 billion, respectively. The country’s trade deficit was estimated at 5.3% of GDP in the same year by the World Bank. According to Stats NZ, New Zealand's annual goods exports were valued at USD 41.9 billion in the year ending December 2023, reflecting a 4.5% decrease from the preceding year, according to the statistics department Stats NZ on Monday. Over the same period, imports were valued at USD 50.21 billion, down 5%, resulting in an annual trade deficit of USD 8.3 billion in the year ending December 2023, compared with a deficit of USD 8.91 billion in the year ending December 2022, the largest annual deficit since the record began.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 42,363 | 37,152 | 49,855 | 54,219 | 49,997 |
Exports of Goods (million USD) | 39,517 | 38,377 | 44,777 | 45,102 | 41,483 |
Imports of Services (million USD) | 15,568 | 11,452 | 13,722 | 17,165 | 18,457 |
Exports of Services (million USD) | 17,417 | 11,894 | 9,865 | 11,240 | 16,498 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 55.8 | 54.4 | 44.0 | 48.2 | n/a |
Trade Balance (million USD) | -3,523 | -2,437 | 1,478 | -4,133 | -7,750 |
Trade Balance (Including Service) (million USD) | -163 | 193 | 2,054 | -8,061 | -13,865 |
Imports of Goods and Services (Annual % Change) | 3.9 | 1.0 | -15.9 | 17.3 | n/a |
Exports of Goods and Services (Annual % Change) | 2.8 | -0.2 | -17.6 | 1.4 | n/a |
Imports of Goods and Services (in % of GDP) | 27.9 | 27.1 | 22.2 | 26.0 | n/a |
Exports of Goods and Services (in % of GDP) | 27.9 | 27.3 | 21.7 | 22.2 | n/a |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.2 | 4.6 | 3.7 | 4.4 | 4.5 |
Volume of imports of goods and services (Annual % change) | 2.0 | 1.3 | 4.3 | 4.6 | 4.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
China | 26.9% |
Australia | 12.9% |
United States | 12.1% |
Japan | 5.5% |
South Korea | 3.5% |
Singapore | 2.5% |
Indonesia | 2.3% |
United Kingdom | 2.1% |
Malaysia | 1.9% |
Thailand | 1.8% |
Hong Kong SAR, China | 1.6% |
Saudi Arabia | 1.5% |
Netherlands | 1.5% |
United Arab Emirates | 1.4% |
Algeria | 1.4% |
Canada | 1.4% |
Vietnam | 1.4% |
Philippines (the) | 1.0% |
Germany | 1.0% |
Fiji Islands | 0.8% |
See More Countries | 39.2% |
Main Suppliers (% of Imports) |
2023 |
China | 20.7% |
Australia | 10.8% |
United States | 9.7% |
South Korea | 7.5% |
Japan | 6.8% |
Singapore | 5.5% |
Germany | 4.4% |
Malaysia | 4.0% |
Thailand | 3.7% |
United Kingdom | 2.6% |
Italy | 2.3% |
France | 2.1% |
Vietnam | 1.9% |
Indonesia | 1.6% |
India | 1.4% |
Canada | 0.9% |
Netherlands | 0.9% |
Spain | 0.9% |
Mexico | 0.8% |
Switzerland | 0.7% |
See More Countries | 44.4% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
10.2 bn USD of services exported in 2022 | |
40.28% | |
Personal travelPersonal travel | 34.42% |
Business travelBusiness travel | 5.86% |
16.17% | |
15.28% | |
10.97% | |
10.85% | |
4.29% | |
1.67% | |
0.50% |
17.2 bn USD of services imported in 2022 | |
29.02% | |
19.43% | |
14.96% | |
Personal travelPersonal travel | 12.48% |
Business travelBusiness travel | 2.48% |
12.30% | |
9.61% | |
6.37% | |
5.04% | |
2.15% | |
0.93% | |
0.20% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2024
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