That dollar amount reflects a 14.4% upturn compared to $38.4 billion during 2018.
Year over year, the value of products exported from New Zealand went up by 1.4% from $43.4 billion in 2021.
The top 5 countries in terms of buying exported goods from New Zealand are mainland China, Australia, United States of America, Japan and South Korea. That cohort of major customers consumed about three-fifths (60.6%) of New Zealand’s world exports for 2022.
Applying a continental perspective, 60.4% of New Zealand’s exports by value was delivered to Asian countries while 13% was sold to fellow Oceanian trade partners led by Australian importers. New Zealand shipped another 12.9% worth of products to North America.
Smaller percentages arrived in Europe (9.1%), Africa (3.1%), and Latin America (1.5%) excluding Mexico but including the Caribbean.
New Zealand’s Top Trade Partners
Below is a list showcasing 25 of New Zealand’s top trade partners, countries that imported the most shipments by dollar value from New Zealand during 2022. Also shown is each trade partner’s percentage of total New Zealand exports.
- China: US$12.7 billion (28.8% of New Zealand’s total exports)
- Australia: $4.9 billion (11.2%)
- United States: $4.8 billion (10.9%)
- Japan: $2.6 billion (6%)
- South Korea: $1.6 billion (3.7%)
- Indonesia: $1.3 billion (3%)
- Taiwan: $1.1 billion (2.4%)
- Singapore: $1 billion (2.3%)
- United Kingdom: $897.9 million (2%)
- Thailand: $886.5 million (2%)
- Malaysia: $861 million (2%)
- Netherlands: $674 million (1.5%)
- Vietnam: $627.7 million (1.4%)
- Saudi Arabia: $601.5 million (1.4%)
- Hong Kong: $599.9 million (1.4%)
- Philippines: $578.6 million (1.3%)
- Canada: $536.2 million (1.2%)
- United Arab Emirates: $535.9 million (1.2%)
- Germany: $535 million (1.2%)
- Algeria: $515.7 million (1.2%)
- Bangladesh: $385 million (0.9%)
- Mexico: $316.5 million (0.7%)
- India: $304.2 million (0.7%)
- France: $294.6 million (0.7%)
- Fiji: $264.6 million (0.6%)
Almost nine-tenths (89.7%) of New Zealand’s exports in 2022 were delivered to the above 25 trade partners.
From 2021 to 2022, the leading gainers for buying exported goods from New Zealand were Algeria (up 166%), Indonesia (up 47%), Saudi Arabia (up 34.8%), Bangladesh (up 28.5%), Fiji (up 26.8%), Netherlands (up 23.7%) then the Philippines (up 22.5%).
The severest declines year over year belonged to importers in Hong Kong (down -26.1% from 2021) and mainland China (down -10.1%).
Countries Causing the Greatest Trade Deficits for New Zealand
Overall New Zealand generated a -$xxx billion trade deficit for 2022, reversing a $412.4 million surplus in 2021.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
New Zealand incurred the highest trade deficits with the following countries.
- South Korea: -US$1.8 billion (country-specific trade deficit in 2022)
- Germany: -$1.7 billion
- Singapore: -$1.6 billion
- Thailand: -$1.3 billion
- Australia: -$1.1 billion
- Italy: -$980.5 million
- Malaysia: -$810.7 million
- Japan: -$709.3 million
- France: -$656 million
- India: -$502.1 million
Among New Zealand’s trading partners that cause the greatest negative trade balances, New Zealand’s deficits with Singapore (up 510.4%), South Korea (up 116.4%) and Australia (up 63.8%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate New Zealand’s competitive disadvantages with the above countries, but also represent key opportunities for New Zealand to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Biggest Trade Surpluses for New Zealand
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2022, New Zealand earned the highest trade surpluses at the expense of the following countries.
- Hong Kong: US$532.6 million (country-specific trade surplus in 2022)
- Algeria: $507.3 million
- Philippines: $459.2 million
- Indonesia: $335.2 million
- Saudi Arabia: $279.6 million
- Bangladesh: $236 million
- Fiji: $213.4 million
- Egypt: $212.7 million
- Netherlands: $200.8 million
- Nigeria: $148.7 million
Among New Zealand’s trading partners that generate the greatest positive trade balances, New Zealand’s surpluses with Algeria (up 168.4%), Netherlands (up 152%) and Bangladesh (up 44%) grew at the fastest pace from 2021 to 2022.
In addition, New Zealand reversed its -$128.3 million deficit trading with Indonesia in 2021 to post the trade surplus listed above for 2022.
These positive cashflow streams clearly indicate New Zealand’s competitive advantages with the above countries, but also represent key opportunities for New Zealand to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing New Zealand’s Trade Partners
Not one New Zealand-based corporation ranks among the Forbes Global 2000.
The NZX50 Index is the main stock market index for New Zealand. Based on that index, the following companies are among leading stock companies in New Zealand that have the highest capitalization values.
- Australia and New Zealand Banking Group (financial services)
- Coats Group PLC (sewing supplies, zippers, fasteners)
- Kathmandu Holdings Limited (outdoor clothing, equipment)
- Mainfreight Limited (logistics, transportation)
- Nuplex Industries Limited (resins for decorative/industrial/protective coatings)
- Steel & Tube Holdings Limited (building materials)
- The a2 Milk Company Limited (dairy products)
See also New Zealand’s Top 10 Exports and New Zealand’s Top 10 Imports
Research Sources:
Central Intelligence Agency, The World FactbookCountry Profiles. Accessed on April 7, 2023
International Trade Centre, Trade Map. Accessed on April 7, 2023
