NewZealand's two-way trade rose 8% to $163.6 billion in 2021, comprising $77.2 billion in exports, and $85.4 billion in imports. Top trading partners (import sources) of New Zealand in 2020: China with a share of 22% (8.36 billion US$) Australia with a share of 12% (4.48 billion US$) USA with a share of 9.67% (3.59 billion US$) Japan with a share of 5.67% (2.1 billion US$) Korea with a share of 4.86% (1.8 billion US$) Germany with a share of 4.74% (1.76 billion US$) New Zealand's principal exports to Germany are agricultural and forestry products, in particular mutton and game . The New Zealand ETS was launched in 2008 and is a central policy for climate change mitigation in New Zealand. In the short term this will translate through to the New Zealand economy via higher imported fuel and commodity prices. Services exports were $1.8 billion; services imports were $1.5 billion. However, goods exports have shown strong growth from pre-COVID levels, up 6% from 2019, to $63.3 billion. What is New Zealand's trade policy? Goods exports are now well above pre-COVID levels in 2019, with increasing export prices (particularly commodities) being the main driver for higher export revenues. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. You can find out more information on our Privacy Page. Introduction New Zealand is predominately a dual island state located in the South Pacific. The recent announcement of a phased border opening through till October 2022 will likely be a turning point for services exports - particularly for travel services. Plus500 - Trusted broker, great for beginners. Fluctuations in the NZ/US exchange rate can impact on New Zealand dollar export receipts. Its critical we work to secure the FTAs we have under negotiation, and make sure we help businesses to take full advantage of our current agreements. Global inflationary pressures are likely to weigh heavily on household purchasing power and could reduce expenditure on non-essential items such as travel. The United States is New Zealand's third largest trading partner after China and Australia, with whom New Zealand has Free Trade Agreements. However, its unclear how much global appetite, and how quickly international tourism to NewZealand, will recover. Stocks are fungible that is, sellable financial instruments representing ownership of a fraction of a company. It's also the first time New Zealand has ever launched a trade dispute under a free trade agreement . (Source: IMF). 29.09.2022 - Article. Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page. Dairy exports (mostly butter) made up almost half of these, with apples, seafood, wine, and medical equipment the only other exports of any significance. Below is a list showcasing 15 of Australia's top trading partners, countries that imported the most Australian shipments by dollar value during 2021. 10. Leading services exports from the U.S. to New Zealand were in the financial services, transportation, and telecommunications, computer, and information services sectors. However, China continues to be a vital economic market for NewZealand, with goods exports up 21% ($3.4 billion) from 2020 levels, driven by strong growth in dairy (up 31%), meat (up 25%) and wood (up 35%). The global economic recovery and the loosening of COVID-19 restrictions in countries such as the EU, the US, has also contributed to growth in goods exports. Indicator. Best for Versatility: TradeZero. The result is a deregulated and decentralised economy engaging in international partnerships and most favoured nation agreements. The largest remaining market we dont have a free trade agreement with is the US, making up 11% of two-way trade. China is New Zealand's biggest trading partner and at the top of the export list is dairy. Official websites use .gov Foreign Direct Investment Attraction Events, Services for U.S. Companies New to Exporting, Services for U.S. Companies Currently Exporting, Leading Sectors for US Exports & Investments, Information and Communication Technology (ICT), Licensing Requirements for Professional Services. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility, Official Website of the International Trade Administration, Comply with U.S. and Foreign Export Regulations. New Zealand is one of a few countries to have a zero-emissions goal enshrined in law. 73239390 73239990 73239420. plate baskets. Figure 6: New Zealand change in services exports (annual). Improving productivity, value-add and export earnings in this sector are critical to New Zealand's sustainable economic growth. Goods imports increased by 22% ($12 billion) to $66.1 billion and are now 8% higher than pre-COVID. Looking ahead, conditions for goods exporters are more mixed. Leading domestic export categories include: dairy products ($123 million), distillers grains ($60 million), pork and pork products ($39 million), fresh fruit ($36 million), and dog and cat food ($32 million). Our open economy has meant New Zealand importers and consumers now enjoy access to a much wider and more competitively priced range of goods and services. Saxo Bank takes second place. New Zealand's top three trade partners - China, Australia, and the European Union - accounted for approximately half of the total trade with the rest of the world. This process is designed to be completed using Excel. We can only pay for the goods and services we import from overseas by selling exports to other countries. The agreement, once it . Where once Britain was New Zealand's most important trading partner in the 19th century, today it ranks sixth. As a trade dependent economy, geographically distant from export markets, New Zealand is a firm supporter of free and open trade. 6. Figure 5: Terms of Trade, Import and Export price indexes (Quarterly). . Finally, it will take some time for passenger air routes to be fully restored (if, indeed, they ever return to pre-COVID capacity). Many of these jobs are in the regions. And although goods export revenues are overall up this may reflect differing outcomes at an individual business level, with our feedback form the export community indicating that smaller export businesses are finding the international environment (particularly disruption to supply chains) much more challenging to overcome that New Zealands major commodity exporters. Travel services exports are finally in a position to start planning a future. Goods exports totaled $3.2 billion; goods imports totaled $4.2 billion. Franchise partner does not have to invest AED 150-300K at a time instead they have to pay us a monthly fee until a certain time (can be . New Zealand is currently our 47th largest goods trading partner with $7.4 billion in total (two way) goods trade during 2020. The EU includes three of New Zealand's top 20 trading partners - Germany, the Netherlands, and France. Chinas increasing importance is also reflected in market share, now taking 32% of all New Zealand goods exports. (Population: 5 million.). tastyworks rounds out the top three. U.S. imports of services from New Zealand were an estimated $1.5 billion in 2020, 44.3 percent ($1.2 billion) less than 2019, but 11 percent greater than 2010 levels. The New Zealand Trade Centre has teamed up with partners who offer the best service for you, our clients. WELLINGTON -New Zealand's trade minister accused Canada on Monday of having "locked out" his nation's farmers in a dispute over dairy . Buying and selling are essential for any country to develop its economy and maintain good relations with other nations. These price affects have resulted in a deterioration in New Zealands goods terms of trade. Unprecedented amounts of monetary and fiscal stimulus have been poured into the global economy to buffer the economic impacts of the pandemic and lockdowns. While the headline figures for good exports are positive, this does mask some significant declines in certain sectors where labour shortages, supply chain issues and the inability to travel to market have had an impact. Please note the exports, imports and tariff data are based on reported data and not gap filled. india Import Shipment to new-zealand 8475. Table, kitchen or other household articles and parts thereof, of iron or steel; iron or steel wool; pot scourers and scouring or polishing pads, gloves and the like, of iron or steel. However, New Zealand contributes 4.8% of meat and meat preparation imports, making it the UK's seventh largest meat import partner. Goods made up 70% of New Zealand goods and services exports and were valued at $53.6 billion in the year ending December 2017. But at the very least, this year will be marked by high commodity prices and even more pressure on inflation, financial market turmoil, and weaker global economic growth. International Trade Administration This strong increase in imports has been driven by solid domestic consumer demand and business investment. Services exports fell a further 25% in 2021, and are now 49% lower than pre-COVID 2019 levels. Average export prices were up 22% from the same time last year, with aggregate export volumes relatively unchanged. If you would like to request a topic for reporting please emailexports@mfat.net, To get email alerts when new reports are published, go to oursubscription page. U.S. foreign direct investment (FDI) in New Zealand (stock) was $12.9 billion in 2020, a 8.7 percent increase from 2019. New Zealands goods exports grew by 6% in 2021, reaching $63.3 billion. The competition provided by imports ensures that consumers can access a wider range of quality products at internationally competitive prices than would be possible if we could buy only from ourselves. The U.S. goods trade deficit with New Zealand was $1 billion in 2020. Since Australia is New Zealand's number one trade partner, the economic performance of Australia has a huge impact on New Zealand's. For instance, when the Australian economy does well, Australian firms pump up their importing activities, and guess who benefits from that? Email: enquiries@standards.govt.nz. However, the momentum to Chinese economic growth is slowing The EIU is forecasting Chinas GDP to slow from 8.1% in 2021 to 5.2% in 2022 and further to 5% in 2023. Two way trade across almost all of NewZealands top 10 markets grew in 2021. On the export side, this has been largely the result of strong performance by our larger commodity exports. Peace, rights and security Rangimrie, tika tangata, whakamaru. New Zealand also needs new FTA partners or it risks our exporters being disadvantaged. . NewZealands international trade in services has been severely impacted by border settings. Nevertheless there could be notable indirect effects for NewZealand, driven by Russias importance in key global commodity markets, such as oil and wheat. New-zealand trade relationship with global countries based on partial data. By contrast, services imports increased by 11% from 2020 levels to $19.3 billion, driven mainly by higher transportation costs. Secure .gov websites use HTTPS Go to Peppol's Peppol Directory. . This led to an overall trade deficit of $8.2 billion in 2021. APDF readeris available from Adobe Systems Incorporated. Established in 2013, Independent Reserve is one of the most trusted exchanges in Australia & New Zealand. Agricultural goods New Zealand is the worlds 12th largest agricultural exporter by value and the #2 dairy exporter in the world. Viewfull list of market reports(external link). Figure 1: New Zealands year end imports and exports. U.S. total exports of agricultural products to New Zealand totaled $537 million in 2020. You can buy Bitcoin using EFT, Osko/PayID, POLi and SWIFT. However, due to a combination of global trading factors, New Zealanders are facing a rising cost of living for most products and services. The easing of travel restrictions this year should mark the start of the sectors recovery. Furthermore, consumers risk appetites are likely to have changed in light of the pandemic, making long haul tourism potentially less appealing. Each new level of achievement will upgrade your status to Bronze, Silver or Gold. This will result in strong export earnings for Dairy processors with farmers set to receive record pay-outs for the current season. The second lists top trade partners of New Zealand regarding import total (buying). TheInternational Trade Administration,U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. 2022 should have been shaping up as a year of strong recovery across the board, notwithstanding some serious challenges to overcome such as rising inflation, ongoing supply chain issues, and any new surprises COVID brings. During the 1980s, New Zealand underwent changes within its economic market structure. Increased consumer demand combined with international supply chain problems has now seen inflationary pressures appear globally. The U.S. goods trade deficit with New Zealand was $1.0 billion in 2020, a 508.2 percent increase ($846 million) over 2019. We use cookies and other tracking technologies to improve your browsing experience on our website, to analyze our website traffic, and to understand where our visitors are coming from. That is, most products are imported from these countries to New Zealand. On top of high global inflation, the cost of transporting goods to New Zealand doubled in the year to December2021. The EU is New Zealand's third-biggest trade partner. Farmers want to keep the status quo, but the country has a decision to make. This website is using a security service to protect itself from online attacks. How much this dampens the ongoing economic recovery remains to be seen. Unsurprisingly, New Zealands two largest pre-COVID services exportstourism and international educationfell a combined 51% in 2021 to $4.2 billion. They're ready to help you grow. Postal address: PO Box 1473, Wellington, 6140, New Zealand. For the year 2017, the Netherlands was its fourth-largest trading partner within the European Union. Markets also continued to watch for policy signals from top trading partner China on whether it is considering dialing back its zero-Covid policy. Services export and imports continue to underperform due to border restrictions. corporates, and attractive returns to wholesale clients. Trade is critical to New Zealands economy. While two-way trade with the United Kingdom is still 8% below pre-COVID 19 levels (largely due to the absence of travel exports), the recent signing of the FTA will further open up access to NewZealand exporters across goods, such as wine, apples, seafood, dairy, and meat. NewZealand's two-way trade increased 8% to $163.6 billion for the year ended December 2021, comprising $77.2 billion in exports, and $85.4 billion in imports, leading to a trade deficit of $8.2 billion. This has also filtered through to annual tradables CPI inflation (Tradables inflation is that part of inflation most determined by international prices), which rose to 6.9% in December 2021. Physical address: Standards New Zealand, Ministry of Business, Innovation & Employment, 15 Stout Street, Wellington 6011. Steel; Fiji's current exports to New Zealand are worth 60 million NZD annually, though they have declined in recent years. New Zealand imports mainly vehicles, machinery and equipment, petroleum, electronics, plastics and aircraft. The first table below shows top trading partners of New Zealand in terms of export sales (selling), including United States, Japan, and China. The impact on Mori and the regions would be especially acute. Labour shortages contributed to a challenging year for the horticulture sector with exports down $35 million from 2020 levels to $3.9 billion, particularly for apples, avocadoes, and stone fruits. Graduate and Intermediate Policy Officer Opportunities, Brokering weapons and dual-use items for military use, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Our aid partnerships beyond the Pacific and south-east Asia, Guidelines for the diplomatic and consular corps, Our Commitment to Antarctica and the Southern Ocean, The Indigenous Peoples Economic and Trade Cooperation Arrangement. You can email the site owner to let them know you were blocked. Cloudflare Ray ID: 766f1fe5b834624f This simple search will identify most entities on the network and help you identify trading partners located in New Zealand. Exchange rate: 1 NZ$ = 63 U.S. cents (as of May 2022). We have one of the most open market economies in the world. China was the largest source of New Zealands export growth in 2021, with goods exports to China growing 21% in the calendar year, driven by dairy, meat, and forestry exports. Recent Searches: Home > Trading Partners > New-zealand Trading Partners. You can find out more information on our Privacy Page. Anecdotally, as labour shortages have put pressure on production capacity, some businesses have looked to deepen their capital investment by importing technology to ease the burden that has come from lack of staff. Figure 4: New Zealand tradable and non-tradable inflation (annual). MFATs market intelligence report looks at the economic impacts in more detail. Well behind China, Australia and (ironically) the European . We recommend them as companies that offer personal service, that won't treat you as a number and that share our passion about your business success. BI Managment Consulting - Consulting Franchise Opportunity. 1401 Constitution Ave NW Compare Balance of Trade by Country News Stream New Zealand Trade Deficit Narrows, Exports to China Increase (external link). Those in less healthy shape could look forward to easing travel restrictions as an opportunity to start restoring lost overseas business connectivity. The New Zealand Trading Company at The Playboy Club, Lake Geneva, Wisconsin New Zealand Trading Company - Rua Moko In Puerto Rico (from left) - Gonchi Sifre, Alberto Carrion, Thomas Kini (front), Maurice Moore, Kawana Waitere, Jorge Casas The Maori Hi-Quins relax on tour. NewZealands international trade in services has been severely impacted by border settings. The Ministry of Foreign Affairs and Trade and the New Zealand Government take no responsibility for the accuracy of this report. Agence France-Presse / 03:49 PM November 07, 2022. owned private investment firm and fund manager. NewZealands bilateral trade exposure to the Russian economy is relatively low. China remains the key growth market for our international trade. Unsurprisingly, New Zealands two largest pre-COVID services exportstourism and international educationfell a combined 51% in 2021 to $4.2 billion. Outstanding research. In 2021, New Zealand imports from the U.S. totaled US$3.7 billion. The New Zealand dollar fell slightly toward $0.59, facing renewed pressure ahead of key US inflation data later in the week that could influence the size of the Federal Reserve's rate hike in December. Performance & security by Cloudflare. Almost all meat exported by New Zealand to the UK in the first half of 2020 was lamb (96.2%). New Zealand's FDI in the United States (stock) was $3.4 billion in 2020, down 6.7 percent from 2019. CMC Markets - Excellent overall, best platform technology. Also shown is each import country's percentage of total Australian exports. Yachts 2. Its main trading partners are: China, Australia, the US, Japan and South Korea.. Total exports declined by 1% during the year, as services exports (totalling $13.9 billion) fell to almost half their value in 2019. In contrast, total imports rose 19% to $85.4 billion, with both goods up 22% (to $66.2 billion) and services up 11% (to $19.3 billion) respectively, compared with 2020. Wide range of products. The two countries have just signed an updated free trade agreement that will see tariff-free access for about 99 percent of New Zealand's nearly NZ$3 billion wood and paper trade to China . Our top earners include forestry products, crude and refined petroleum, and fish products; and exports of manufactured products such as clothing and electronics are growing. U.S. goods exports to New Zealand in 2020 were $3.2 billion, down 19.0 percent ($752 million) from 2019 but up 13 percent from 2010. The trade pact with New Zealand also comes as Beijing's ties with . Inwards and outwards foreign investment can help New Zealand businesses better integrate into supply chains, improve market access, reduce costs and increase productivity. However, favourable conditions have not been enjoyed by all export sectors. New Zealand imported $2.5 billion in services and $10.4 billion in goods from the EU in 2021. Since 2000, regional and bilateral free trade agreements (FTAs) have flourished worldwide. but this year will (hopefully) mark a turning point for services trade with the lifting of border restrictions. Most goods export sectors were in healthy shape at the start of the year, with good prospects ahead. China is now New Zealand's largest trading partner, with annual two-way trade of over NZ$32 billion ($21.58 billion). However, costs of production have also continued to go up for all sectors through 2021, with high inflation, competing wage increases, and short-term labour shortages, acting to squeeze business margins. Broad product portfolio. Longer term the pivotal role of energy and food in the global economy and may mean that any extended conflict could also weigh on global economic activity. These pressures are now beginning to impact the domestic economy with New Zealand's Consumer Price Index (CPI) rising to 5.9%, well above central banks target of 2%.
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