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).
Is New Zealand a net importer of food?
The largest net exporter of food, by far, is Argentina with $23.42 of food exports per every $1.00 of food imports. Argentina is followed by Brazil, New Zealand, Paraguay and Iceland. … The largest net food importer is Eritrea, with $0.01 of food exports per every $1.00 of food imports.
Is New Zealand an export economy?
New Zealand has a large GDP for its population of 5 million, and sources of revenue are spread throughout the large island nation.
Economy of New Zealand.
|Exports||$62.4 billion (FY 2020)|
|Export goods||Dairy products, meat, logs and wood products, fruit, machinery and equipment, wine, fish and seafood|
Is the main export of New Zealand?
The foundation of New Zealand’s economy is exporting agricultural commodities such as dairy products, meat, forest products, fruit and vegetables, and wine. Dairy is the lead export commodity. Tourism is New Zealand’s largest export industry in terms of foreign exchange earnings. It employs one in seven New Zealanders.
How do you tell if a country is a net exporter?
When a country produces a good domestically and then sells it to other countries, that is an export. When a country sells more goods to other countries than it buys, that is a net exporter.
What does NZ import?
New Zealand imports mainly vehicles (13 percent), nuclear reactors, boilers, machinery and mechanical appliances (13 percent), fuels (10 percent), electrical machinery and equipment (8 percent), plastics (4 percent) and aircraft, spacecraft (4 percent).
What countries does NZ import from?
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|New Zealand Imports By Country||Value||Year|
Is NZ a net exporter?
In 2019, New Zealand exported a total of $40.5B, making it the number 55 exporter in the world.
What is NZ biggest export industry?
Tourism was New Zealand’s biggest export industry, contributing 20.1% of total exports. Tourism generated a direct annual contribution to GDP of $16.4 billion, or 5.5%, and a further indirect contribution of $11.3 billion, another 3.8% of New Zealand’s total GDP.
What are NZ biggest exports?
New Zealand’s Top 10 Exports
- Meat: $5.6 billion (14.6%) Wood: $2.9 billion (7.6%) …
- Alcoholic beverages: $1.4 billion (3.8%)
- Machines, engines, pumps: $1.3 billion (3.5%) Modified starches, enzymes: $1.1 billion (3%) …
- Other food preparations: $876.8 million (2.3%) Aluminum: $835.3 million (2.2%)
What is New Zealand main source of income?
Agricultural products—principally meat, dairy products, and fruits and vegetables—are New Zealand’s major exports; crude oil and wood and paper products are also significant.
Who does New Zealand export to?
New Zealand trade balance, exports and imports by country
In 2019, New Zealand major trading partner countries for exports were China, Australia, United States, Japan and Korea, Rep. and for imports they were China, Australia, United States, Japan and Germany.
What type of economy is New Zealand?
New Zealand has an open economy that works on free market principles. It has sizeable manufacturing and service sectors complementing a highly-efficient agricultural sector. Exports of goods and services account for around one third of real expenditure GDP.
Is Australia a net importer or exporter?
Australia is an export nation, generating yearly exports of around $195 billion and importing around $187 billion per year. The country has achieved a positive trade balance of around $8 billion, yet we also rely heavily on imports.
Who is a net importer?
A net importer is a country or territory whose value of imported goods and services is higher than its exported goods and services over a given period of time.
What countries are net importers?
Net Imports and Balance of Trade
They include countries like China, Germany, and oil-exporting countries in the Middle East. Countries such as the U.S., the U.K., and Spain incur a negative balance of trade. They import more than they export; thus, they are called net importers.