Japan takes the top spot, with the most knowledge intensive exports in the world. New Zealand ranks 49th in the world according to this metric. Economic complexity measures the knowledge and technological density of a particular economy by assessing the level of knowledge complexity in exported products. The economic complexity of our exports has fallen over the past two decades. The surprisingly stable nature of the same primary sector commodities in the top exports list decade after decade is also a worrying sign. Brexit and the new FTA with the UK (negotiations are set to conclude later this year) will also bring new opportunities and fuel diversification. There is a large amount of untapped potential in the European and other fast-growing Asian markets. This does not mean that trade with China should be reined in, rather, efforts must be made to increase trade with other regions. A third of our goods exports are at risk if the political relationship sours or the Chinese economy collapses. This heavy dependence on China puts us in a precarious position. In the September 2021 year, exports to the country grew by 16.95 percent. The position of China as our premier trading partner has been strengthening each year. This meant that tariffs on 97 percent of our exports to China have gradually been eliminated, with even more due to be phased out by 2024.
#New zealand exporter free
The dramatic surge of exports to China in the past decade or so has largely been driven by a free trade agreement (FTA), signed in 2008. The fall in export receipts in the years to March and April 2021 was driven by a fall in dairy and meat export receipts during these years, which in turn was a result of a decline in their respective export prices.Īlthough export receipts have now recovered to their pre-COVID levels, global trade continues to be plagued by shipping delays and logjams at major ports. However, demand for wood and wood products recovered beginning in September 2020. This was a result of reduced demand for the outputs from this industry, mainly because of disruptions within the building and construction industry. The one commodity group that did see a significant drop in export receipts in 2020 was forestry products. In New Zealand, export receipts remained buoyant during 2020, but dipped during the years ended March and April 2021. The mobility restrictions affected both the global demand and supply of goods.
Demand for goods such as durables and construction materials fell off a cliff. The share of butter and other dairy spreads fell slightly during this time.Īs COVID-19 disrupted economic activity across the world, global trade was heavily impacted. Moreover, rough wood and kiwifruit exports now make up a substantially bigger share of our national sales than they did 10 years ago. Some of the industries that have seen the largest increase in exports (by value) during this time were rough wood, meat of bovine animals, kiwifruit, non-concentrated milk, and medical appliances. The value of total trade since 2011 (not adjusted for inflation) has grown by 23.94 percent in the last decade. Unsurprisingly, China featured in the top three destinations for all our biggest exports in 2021, with the exception of wine. The only categories from 2011 that did not appear in 2021 were raw aluminium and sawn or chipped wood exports. The primary sector dominates New Zealand’s merchandise exports, particularly animal products such as dairy and meat, a trend that has remained largely unchanged over the past decade.Īnywhere between 70 to 95 percent of the output from these sectors is exported. In the year to September 2021, New Zealand exported $61.5 billion worth of goods.
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