New Zealand has a mixed economy with sizeable manufacturing and service sectors complementing a highly efficient export-oriented agricultural sector. The economy is strongly trade-oriented.
Exports
The value of New Zealand’s merchandise exports for the year ending December 2008 was NZ$43.0 billion, a rise of 21.4 percent over the previous year. New Zealand’s service exports, including tourism and consultancy, are also growing steadily and were estimated to be worth NZ$13.0 billion for the year ending December 2008.
Source: Statistics New Zealand
The value of merchandise exports to the top 20 markets accounted for 79 percent of New Zealand’s total merchandise export revenue for the year ending September 2008.
New Zealand’s fastest growing major export markets in the year ending September 2008 were Venezuela (+161 percent), Russia (+71 percent), and Nigeria (+62 percent). (Data was restricted to markets that took at least NZ$200 million in exports in the year ending September 2008.)
Exports by sector
In the year ended December 2008 the export value of New Zealand’s food and beverages was NZ$21 billion, representing just under half of New Zealand’s total merchandise exports.
Manufactured exports totalled NZ$7.7 billion, including organic chemicals, pharmaceutical products, plastic products, rubber products, leather, textiles, paper and paper-associated products, furniture, electrical equipment, marine equipment, agricultural and industrial machinery.
Primary product exports (including plants and flowers, grass and other seeds, wool, raw hides and skins, wood/pulp) totalled NZ$6.4 billion.
Industrial raw materials and metals exports totalled NZ$8.6 billion, including mineral fuels and oils, aluminium, iron/steel, other metals and all other raw materials.
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New Zealand’s Top 10 Exports (millions of NZ dollars)
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YE Sep 2007
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YE Sep 2008
|
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Milk powder
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3,354.6
|
4,979.3
|
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Crude oil
|
720.1
|
3,021.9
|
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Sheep meat
|
2,371.0
|
2,633.2
|
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Butter
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1,039.5
|
1,645.3
|
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Frozen beef
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1,408.4
|
1,528.3
|
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Cheese
|
1,195.2
|
1,499.2
|
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Aluminium
|
1,271.9
|
1,170.1
|
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Confidential exports*
|
760.0
|
1,018.0
|
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Kiwifruit
|
737.1
|
970.4
|
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Wine
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726.1
|
835.7
|
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Total exports
|
34,595.8
|
41,984.3
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Source: Statistics New Zealand via the World Trade Atlas.
* Coal is likely to make up most of the confidential exports. Coal exports are classified as confidential by Statistics New Zealand.
Imports
The value of New Zealand’s merchandise imports for the year ending December 2008 was NZ$48.0 billion, a rise of 15.1 percent over the previous year. Over the period 19 percent of New Zealand’s imports came from Australia, and the top 20 import sources accounted for 88 percent of total merchandise imports.
Source: Statistics New Zealand
The major products imported during the year ended September 2008 were oil (both crude and refined), motor vehicles and computers.
The below table shows New Zealand’s top 10 imports for the last two years ended June.
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New Zealand’s Top 10 imports (millions of NZ dollars)
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YE Sep 2007
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YE Sep 2008
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Crude oil
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2,850.0
|
4,294.8
|
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Refined oil
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2,556.2
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3,580.9
|
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Motor cars
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3,141.6
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3,158.1
|
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Trucks and vans
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947.1
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1,073.2
|
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Computers
|
1,020.6
|
1,017.5
|
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Medicaments
|
813.5
|
863.7
|
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Aircraft
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743.0
|
762.0
|
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Telephone equipment (including cell phones)
|
614.5
|
760.5
|
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TV receivers, including video monitors and projectors
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413.4
|
518.2
|
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Mineral or chemical fertilizers, nitrogenous
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204.4
|
407.4
|
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Total imports
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40,878.2
|
47,036.0
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Source: Statistics New Zealand via the World Trade Atlas.
