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Economy of New Zealand – Overview
New Zealand currently ranks as the 44th largest export economy in the world with annual exports totaling $32.5 billion and imports of $35.7 billion, resulting in a negative trade balance of $3.17 billion.
The yearly value of New Zealand’s exports has fallen over the last five years at an annualized rate of -1.55% from $38.7 billion to $32.5 billion in that period.
GDP is $185 billion and its GDP per capita is $39,100.
The country’s economic health tends to reflect global market conditions and adverse weather conditions can also affect commodity performance.
New Zealand’s Top 5 Commodity Exports
|Concentrated Milk||$3.97 billion|
|Sheep and Goat Meat||$1.81 billion|
|Frozen Bovine Meat||$1.59 billion|
New Zealand’s Other Notable Exports
- Rough Wood – $1.77 billion
- Casein – $602 million
- Whey – $444 million
- Crude Petroleum – $412 million
- Gold – $279 million
The top export destinations of New Zealand are China ($6.59 billion), Australia ($5.78 billion), the United States ($3.7 billion), Japan ($2.08 billion) and South Korea ($1.04 billion).
New Zealand’s Top 5 Commodity Imports
|Crude Petroleum||$1.78 billion|
|Refined Petroleum||$1.2 billion|
|Rolled Tobacco||$149 million|
New Zealand's Other Notable Imports
- Cars – $3.37 billion
- Delivery Trucks – $1.04 billion
- Computers – $882 million
- Packaged Medicaments – $628 million
- Telephones – $433 million
More Information on New Zealand’s Imports/Exports
Exports of concentrated milk account for 12% of the country’s total annual exports and New Zealand is the world’s biggest exporter with a 26% share of a global market that is worth $15 billion per year.
New Zealand exports more than double the amount of concentrated milk than any other country. Its nearest rival is the United States who has an 8.6% market share, followed by the Netherlands, who controls 8.6% of the global export market, closely followed by Germany on 8.5%.
Sheep and Goat Meat
Sheep and goat meat exports are the second largest export market of New Zealand and account for 5.6% of its total annual exports.
Australia and New Zealand compete for the prime position in this global export market, which is worth $5.65 billion annually. Australia controls 34% of the market, followed by New Zealand on 32%, with the United Kingdom in third place on 7.8%.
Frozen Bovine Meat
Exports of frozen bovine meat represent 4.9% of New Zealand’s total annual exports and the country is the fifth largest exporting country with an 8.3% share of a global market worth $19.1 billion each year.
The United States is a key export destination for New Zealand’s exports of frozen bovine meat and it imports 52% of these exports, followed by China, who accounts for 20% of the total.
The global export market for aluminum is worth $41.7 billion and New Zealand is not among the top fifteen countries who control 74.4% of that market, although, with exports worth $530 million each year, they only just fail to make the list.
Exports of raw aluminum represent 1.6% of the country’s total annual exports.
Japan is a primary destination for New Zealand’s aluminum exports and receives 60% of its annual shipments.
Exports of wool make up 1.4% of the country’s annual export total and New Zealand is the second largest exporter with a 12% share of a global market worth $3.73 billion annually, behind Australia (60%).
Some Interesting Facts About New Zealand
- New Zealand is one of the least populated countries in the world, despite being the equivalent size to Japan.
- The country has 2.5 million cars registered for a total population of just over 4 million, making its car ownership rate one of the highest in the world.
- New Zealand has won more Olympic gold medals per capita than any other country.
- There are no snakes in the wild in New Zealand.
All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.