Norfolk Island
2021 Product Exports | Imports: $1.98M | $31.3M, 225 of 226 | 219 of 226
Overview In 2021 Norfolk Island was the number 225 economy in the world in terms of total exports and the number 219 in total imports.
Exports The top exports of Norfolk Island are Sowing Seeds ($440k), Rough Wood ($285k), Motor vehicles; parts and accessories (8701 to 8705) ($138k), Soybeans ($135k), and Other Sugars ($100k), exporting mostly to Belgium ($319k), Cambodia ($287k), India ($257k), Philippines ($157k), and Australia ($122k).
Imports The top imports of Norfolk Island are Precious Metal Ore ($3.9M), Non-Knit Women's Suits ($3.68M), Refined Petroleum ($3.07M), Electrical Lighting and Signalling Equipment ($1.54M), and Computers ($748k), importing mostly from New Zealand ($7.71M), Australia ($6.97M), United States ($4.13M), Philippines ($3.97M), and Fiji ($2.97M).
Location Norfolk Island borders New Zealand and New Caledonia by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Norfolk Island.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2021): Sowing Seeds, $440k
Top Destination (2021): Belgium, $319k
In 2021, Norfolk Island exported a total of $1.98M, making it the number 225 exporter in the world. During the last five reported years the exports of Norfolk Island have changed by $584k from $1.39M in 2016 to $1.98M in 2021.
The most recent exports are led by Sowing Seeds ($440k), Rough Wood ($285k), Motor vehicles; parts and accessories (8701 to 8705) ($138k), Soybeans ($135k), and Other Sugars ($100k). The most common destination for the exports of Norfolk Island are Belgium ($319k), Cambodia ($287k), India ($257k), Philippines ($157k), and Australia ($122k).
Market Growth
#permalink to sectionFastest Growing Export Markets (2020 - 2021)
- Belgium, $160k (+ 100%)
- Benin, $107k (+ 1.58k%)
- United Arab Emirates, $60.4k (+ 390%)
Fastest Growing Import Markets (2020 - 2021)
- New Zealand, $3.48M (+ 82.3%)
- Philippines, $1.14M (+ 40.1%)
- Brazil, $669k (+ 1.71k%)
Economic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionNorfolk Island has a high level of specialization in Sowing Seeds (525), Stone Working Machines (290), Rough Wood (166), Other Sugars (131), and Hydrometers (65.8). Specialization is measured using RCA, an index that takes the ratio between Norfolk Island observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Norfolk Island according to the product complexity index (PCI) are Iron Fasteners (1.66), Laboratory Reagents (1.49), Gaskets (1.41), Valves (1.34), and Musical Instrument Parts (1.25). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Norfolk Island according to the relatedness index, were Glass Scraps (0.05), Aircraft Parts (0.05), Plastic Pipes (0.05), Surveying Equipment (0.05), and Scrap Lead (0.05). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Norfolk Island is not specialized in.
Product Space
#permalink to sectionThe product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
Diversification Frontier
#permalink to sectionThe Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
