Overview: In 2018 New Zealand was the number 51 economy in the world in terms of GDP (current US$), the number 58 in total exports, the number 58 in total imports, and the number 49 most complex economy according to the Economic Complexity Index (ECI). In 2018, New Zealand exported $40.1B and imported $40.9B, resulting in a negative trade balance of -$817M. In 2018, New Zealand's exports per capita were $8.28k and its imports per capita were $8.45k.
In 2018 New Zealand exported a total of $40.1B, making it the number 58 exporter in the world. During the last five reported years the exports of New Zealand have changed by -$39.6M from $40.1B in 2013 to $40.1B in 2018.
In 2018 New Zealand imported $40.9B, making it the number 58 trade destination in the world. During the last five reported years the imports of New Zealand changed by $1.97B from $38.9B in 2013 to $40.9B in 2018.
In 2018, New Zealand exported $16.6B worth of services. The top services exported by New Zealand in 2018 were Personal travel ($10.1B), Transportation ($2.26B), Miscellaneous business, professional, and technical services ($1.37B), Business travel ($833M), and Financial services ($604M).
The top services imported by New Zealand in 2018 were Travel ($4.6B), Transportation ($3.31B), Miscellaneous business, professional, and technical services ($2.21B), Insurance services ($1.02B), and Other royalties and license fees ($551M).
This section shows forecasts for total product exports and imports for New Zealand. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
*The tariffs applied to imports for New Zealand are:1: AANZFTA ASEAN - Australia - New Zealand Free Trade Area136: Most Favoured Nation duty rate treatement137: New Zealand Generalized System of Preference138: New Zealand GSP for Least Developed Countries165: Preferential tariff for Australia178: Preferential tariff for Canada184: Preferential tariff for China188: Preferential tariff for Chinese Taipei235: Preferential tariff for Hong Kong265: Preferential tariff for Malaysia299: Preferential tariff for Singapore309: Preferential tariff for Thailand317: Preferential tariff for the republic of Korea327: Preferential tariff for United Kingdom370: South Pacific Regional Trade and Economic Cooperation Agreement (SPARTECA)376: Trans-Pacific Strategic Economic Partnership (Brunei, Chile, New Zealand, and Singapore)
During the last 20 years New Zealand's economy has become relatively less complex, moving from the 27th to the 49th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
New Zealand has a high level of specialization in Sheep and Goat Meat (155), Casein (138), Concentrated Milk (120), Butter (109), and Other Meat (75.9). Specialization is measured using RCA, an index that takes the ratio between New Zealand observed and expected exports in each product.
The top export opportunities for New Zealand according to the relatedness index, are Maté (0.24), Gold (0.22), Other Oily Seeds (0.22), Crude Petroleum (0.21), and Raw Sugar (0.21). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that New Zealand is not specialized in.
The 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 it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a 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 emissions.
New Zealand
