New zealand trade

New Zealand is a significant player in international trade, with a highly open economy that relies heavily on exports to drive economic growth. Here are some key facts about New Zealand's trade:

Trade Partners:

• Australia: New Zealand's largest trading partner, accounting for around 23% of total trade
• China: New Zealand's second-largest trading partner, accounting for around 14% of total trade
• United States: New Zealand's third-largest trading partner, accounting for around 10% of total trade
• Japan: New Zealand's fourth-largest trading partner, accounting for around 6% of total trade

Export Commodities:

• Dairy products (milk powder, butter, cheese)
• Meat (beef, lamb, venison)
• Wood and paper products (timber, pulp, paper)
• Horticultural products (kiwifruit, apples, pears)
• Wine
• Manufacturing products (textiles, machinery, electronics)

Import Commodities:

• Machinery and equipment
• Vehicles
• Fuel and energy products (petroleum, coal)
• Chemicals and fertilizers
• Electronics and telecommunications equipment

Trade Agreements:

• New Zealand has a number of free trade agreements (FTAs) in place, including:
  • CER (Closer Economic Relations) agreement with Australia
  • China-New Zealand FTA
  • New Zealand-Korea FTA
  • New Zealand-ASEAN FTA
  • Pacific Agreement on Closer Economic Relations (PACER) Plus

Trade Statistics:

• In 2020, New Zealand's total trade (exports + imports) was valued at NZD 143 billion (approximately USD 95 billion)
• Exports accounted for around 34% of GDP in 2020
• The trade deficit was NZD 12.4 billion (approximately USD 8.3 billion) in 2020

Challenges and Opportunities:

• New Zealand's trade is heavily reliant on a few key commodities, making it vulnerable to fluctuations in global commodity prices
• The country is also heavily reliant on imports, particularly for fuel and energy products
• There are opportunities for New Zealand to diversify its trade and increase its exports to emerging markets, particularly in Asia
• The country is also looking to increase its trade with the Pacific Islands and other small island developing states

Overall, New Zealand's trade plays a critical role in the country's economy, and the government is working to promote trade and investment to drive economic growth and development.