New Zealand2019 Economic Complexity : 0.5, Rank 50 of 146
2019 Product Exports | Imports: $40.5B | $39.9B, 55 of 225 | 58 of 225
2019 Per Capita Product Exports | Imports: $8.23k | $8.11k, 32 of 219 | 63 of 219
2019 Service Exports | Imports : $17.2B | $15.3B, 17 of 69 | 22 of 69
Overview In 2019 New Zealand was the number 51 economy in the world in terms of GDP (current US$), the number 55 in total exports, the number 58 in total imports, the number 24 economy in terms of GDP per capita (current US$) and the number 50 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of New Zealand are Concentrated Milk ($5.73B), Sheep and Goat Meat ($2.62B), Rough Wood ($2.31B), Butter ($2.29B), and Frozen Bovine Meat ($2.09B), exporting mostly to China ($11.1B), Australia ($5.7B), United States ($3.78B), Japan ($2.38B), and South Korea ($1.15B).
In 2019, New Zealand was the world's biggest exporter of Concentrated Milk ($5.73B), Rough Wood ($2.31B), Butter ($2.29B), Casein ($613M), and Honey ($237M)
Imports The top imports of New Zealand are Cars ($2.94B), Crude Petroleum ($2.32B), Refined Petroleum ($1.67B), Delivery Trucks ($1.16B), and Gas Turbines ($1.01B), importing mostly from China ($7.35B), Australia ($5.81B), United States ($3.65B), Japan ($2.42B), and Germany ($2B).
Location New Zealand borders Australia, Fiji, Tonga, and Norfolk Island by sea.
Top Export (2019): Concentrated Milk, $5.73B
Top Destination (2019): China, $11.1B
In 2019, New Zealand exported a total of $40.5B, making it the number 55 exporter in the world. During the last five reported years the exports of New Zealand have changed by -$2.6B from $43.1B in 2014 to $40.5B in 2019.
The most recent exports are led by Concentrated Milk ($5.73B), Sheep and Goat Meat ($2.62B), Rough Wood ($2.31B), Butter ($2.29B), and Frozen Bovine Meat ($2.09B). The most common destination for the exports of New Zealand are China ($11.1B), Australia ($5.7B), United States ($3.78B), Japan ($2.38B), and South Korea ($1.15B).
In 2019 New Zealand imported $39.9B, making it the number 58 trade destination in the world. During the last five reported years the imports of New Zealand changed by -$309M from $40.2B in 2014 to $39.9B in 2019.
The most recent imports of New Zealand are led by Cars ($2.94B), Crude Petroleum ($2.32B), Refined Petroleum ($1.67B), Delivery Trucks ($1.16B), and Gas Turbines ($1.01B). The most common import partners for New Zealand are China ($7.35B), Australia ($5.81B), United States ($3.65B), Japan ($2.42B), and Germany ($2B).
New Zealand Exports Services (2019): $17.2B
New Zealand Imports Services (2019): $15.3B
In 2019, New Zealand exported $17.2B worth of services. The top services exported by New Zealand in 2019 were Personal travel ($9.69B), Transportation ($2.28B), Other business services ($1.39B), Computer and information services ($916M), and Business travel ($857M).
The top services imported by New Zealand in 2019 were Personal travel ($3.65B), Transportation ($3.32B), Other business services ($2.84B), Insurance services ($1.41B), and Computer and information services ($1.4B).
The top product import tariffs by their MFN Ad Valorem value for New Zealand are Worn clothing and other worn articles (119%) and Articles of apparel of leather or composition leather (10%).
Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.
*The tariffs applied to imports for New Zealand are:
New Zealand has a high level of specialization in Sheep and Goat Meat (147), Casein (136), Concentrated Milk (120), Butter (105), and Other Meat (72.6). Specialization is measured using RCA, an index that takes the ratio between New Zealand observed and expected exports in each product.
The highest complexity exports of New Zealand according to the product complexity index (PCI) are Machine-tools for forging, die-stamping, bending metal (1.65), Electro and permanent magnets, equipment using magnets (1.55), Weighing machinery except balances sensitivity > 50 mg (1.18), Newsprint (1.18), and Articles of stone or other mineral substances, nes (1.08). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for New Zealand according to the relatedness index, are Maté (0.24), Gold (0.23), Other Oily Seeds (0.21), Raw Sugar (0.21), and Perfume Plants (0.2). 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.
During the last 20 years New Zealand's economy has become relatively less complex, moving from the 23rd to the 50th 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.