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Global New Zealand – International trade, investment, and travel profile: Year ended June 2014
Embargoed until 04:00pm  –  17 November 2014
External trade – key points

Global New Zealand – International trade, investment, and travel profile is a twice-yearly report co-published by Statistics New Zealand and the Ministry of Foreign Affairs and Trade. It uses annual data for overseas merchandise trade, international trade in services, foreign direct investment, and international travel and migration figures.

See the key points for:

Global NZ: Year ended June 2014

Note: All comparisons are between the year ended June 2014 and the year ended June 2013, unless otherwise stated.

New Zealand’s two-way trade of goods and services (exports plus imports) for the year ended June 2014 was valued at $131.0 billion, up $9.7 billion from 2013.

The value of New Zealand’s goods and services exports for the year ended June 2014 was $68.0 billion, up $6.1 billion from 2013. The rise in overall exports in 2014 was driven by the rise in goods exports, up $5.5 billion (12 percent) to $51.2 billion.

China was our top destination for goods exports in the year ended June 2014, with $11.6 billion of exports. China accounted for 23 percent of our total exports in 2014, compared with the 17 percent destined for Australia.

Services exports rose $603 million (3.7 percent), to reach $16.9 billion in the year ended June 2014, due to personal travel services.

The value of New Zealand’s goods and services imports for the year ended June 2014 was $63.0 billion, up 6.0 percent from 2013. Goods imports rose 7.5 percent ($3.3 billion), and services imports rose 1.9 percent ($282 million).

The EU was our top source of goods imports in 2014, with $8.8 billion (18 percent) of imports. This second largest source of goods imports was from China accounting for $8.5 billion (17 percent) of imports.

The annual goods and services trade balance for the year ended June 2014 was a $5.1 billion surplus. This comprised a goods trade surplus of $3.7 billion and a services trade surplus of $1.4 billion.

At 30 June 2014, New Zealand’s direct investment abroad was valued at $23.1 billion, up $585 million from 30 June 2013. Foreign direct investment in New Zealand was valued at $97.3 billion, up $7.6 billion from 30 June 2013.

Total international arrivals rose 6.0 percent for the year ended June 2014, reaching 2.9 million visits. Total international departures were up 3.5 percent, to reach 2.3 million for the year ended June 2014.

Figure 1

Graph, New Zealand's trade in goods and services, year ended June, 2009–14, actual values.

Goods trade

Goods exports rise $5.5 billion

In the year ended June 2014, New Zealand’s goods exports were valued at $51.2 billion, up $5.5 billion (12 percent) from 2013.

The top export commodities – dairy, meat, and wood – accounted for 50 percent of total exports in 2014. Much of the increase in exports was due to dairy (including casein), up $4.7 billion to $17.2 billion. China received $5.3 billion of milk powder, up $3.0 billion from the year ended June 2013.

Our top export markets for the year ended June 2014 were:

  • China – (our main export destination) accounted for $11.6 billion of New Zealand’s total exports, up $3.9 billion from the June 2013 year. The highest value export commodity to China was milk powder, valued at $5.3 billion, (up $3.0 billion).
  • Australia – $8.9 billion, down $600 million. The highest value export commodity to Australia was crude oil, valued at $1.2 billion (down $443 million).
  • European Union (EU) – $5.0 billion, up $523 million. Sheepmeat exports to the EU, valued at $1.3 billion (up $65 million), was the top export commodity in 2014. Key EU countries that goods exports rose to were the United Kingdom, Belgium, and Italy.
  • United States – $4.2 billion, up $109 million. Beef was the top export commodity, valued at $949 million (up $28 million).
  • Japan – $2.9 billion, down $44 million. Unwrought aluminium was the top export commodity, valued at $471 million (up $13 million).
  • Korea – $1.7 billion, up $69 million. Logs was the top export commodity, valued at $348 million (up $68 million).

Exports to Asia-Pacific Economic Cooperation (APEC) countries accounted for $37.7 billion of our total exports.

Figure 2

Graph, Goods exports (fob) by top destinations, as a proportion of total expenses, year ended June 2013 and 2014.

Rise in exports led by dairy products

Dairy product exports rose $4.7 billion (37 percent), to reach $17.2 billion, led by rises in exports of milk powder and butter. Dairy prices showed a 38 percent increase and volumes showed little change.

Other key changes in commodity group export values for the June 2014 year:

  • meat and meat products (up $330 million)
  • forestry and forestry products (up $671 million)
  • textiles, clothing, and footwear (up $116 million)
  • mineral fuels and chemicals (down $852 million)
  • metal and metal articles (down $159 million).

Goods imports rise $3.4 billion

Our top import partners for the year ended June 2014 were:

  • EU – (our main import partner) accounted for $8.8 billion of New Zealand’s total imports, up $1.4 billion from the June 2013 year. The highest value import commodity from the EU was motor vehicles, valued at $1.1 billion (up $288 million). Key EU countries that contributed to the rise in goods imports were France, Germany, and Spain.
  • China – $8.5 billion, up $697 million. The top import commodity from China was computers, valued at $743 million (down $44 million).
  • Australia – $6.1 billion, down $776 million. Motor vehicles from Australia was the top import commodity, valued at $319 million (up $32 million).
  • United States – $5.0 billion, up $737 million. Turbo-jets and turbo-propellers was the top import commodity, valued at $295 million (up $71 million).
  • Japan – $3.2 billion, up $233 million. Motor vehicles was the top import commodity, valued at $1.5 billion (up $123 million).

Imports from APEC countries were valued at $36.1 billion of our total imports.

Figure 3

Graph, Goods imports (cif) by top import partners, as a proportion of total imports, year ended June 2013 and 2014.

Imports led by fuels and vehicles

Mineral fuels and oils (including crude oil) were New Zealand’s highest-value imports for the year ended June 2014, worth $8.1 billion – up $123 million from 2013.

Other significant imports included:

  • vehicles ($6.4 billion), up $1.0 billion
  • machinery ($6.3 billion), up $613 million.

Services trade

Exports of services rise $603 million

New Zealand exported $16.9 billion of services in the year ended June 2014, up $603 million from 2013. The increase was mainly driven by overseas visitors spending more in New Zealand.

The largest fall was in personal, cultural, and recreational services, down $181 million to $477 million.

Travel and transportation services, valued at $12.1 billion for the year ended June 2014, accounted for 72 percent of total service exports.

Our top export partners for services had the following changes in the year ended June 2014, compared with the previous year:

  • Australia – accounted for $4.1 billion of New Zealand’s service exports, down $168 million
  • United States – $2.5 billion, up $300 million
  • EU – $2.5 billion, up $170 million. Service exports to Germany, France, and the United Kingdom rose.
  • China – $1.7 billion, up $177 million
  • Japan – $697 million, down $49 million.

Figure 4

Graph, Service exports by top destinations, as a proportion of total exports, year ended June 2013 and 2014.

Import of services rise $282 million

New Zealand imported $15.5 billion of services during the year ended June 2014, up $282 million (1.9 percent) from 2013. Increased spending by New Zealand travellers overseas and increased transportation services were the main contributors to the rise.

Travel and transportation services, valued at $8.8 billion for the year ended June 2014, accounted for just over half the total service imports.

Our top service import partners had the following changes in the year ended June 2014, compared with 2013:

  • Australia – accounted for $5.1 billion of New Zealand’s service imports, up $14 million
  • EU– $2.6 billion, up $57 million. Service imports from Denmark rose
  • United States – $1.9 billion, up $145 million
  • Singapore – $1.1 billion, up $45 million
  • United Kingdom – $889 million, up $38 million.

Figure 5

Graph, Service imports by top partners, as a proportion of total imports, year ended June 2013 and 2014.

Trade balance

Annual trade surplus is $5.1 billion

The goods and services trade balance for the year ended June 2014 was a $5.1 billion surplus (7.4 percent of exports). This compares with a $2.6 billion surplus (4.2 percent of exports) for the year ended June 2013.

The goods trade balance (exports fob – imports vfd) for the year ended June 2014 was a $3.7 billion surplus (7.2 percent of goods exports). This compares with a $1.5 billion surplus (3.4 percent of exports) for the year ended June 2013.

The services balance for the year ended June 2014 was a $1.4 billion surplus (8.2 percent of service exports). This compares with a $1.1 billion surplus (6.5 percent of service exports) for the year ended June 2013.

Foreign direct investment

Stock of direct investment in New Zealand up $7.6 billion

Foreign direct investment measures the value of foreign owned companies operating in New Zealand. Foreign direct investment in New Zealand was $97.3 billion at 30 June 2014, up $7.6 billion from 30 June 2013. This increase includes the improved coverage of the survey population for the Annual International Investment survey (AIIS).

See Balance of Payments and International Investment Position: June 2014 quarter for more information on the AIIS.

The value of direct investment from Hong Kong and Australia rose, while investment from the United Kingdom fell.

Direct investment aboard measures the value of New Zealand-owned companies operating overseas. New Zealand’s stock of direct investment abroad was $23.1 billion at 30 June 2014, up $585 million from 30 June 2013. This was mostly due to a rise in direct investment in Australia (up $286 million) and the United States (up $214 million).

Migration

Increase in overseas arrivals led by short-term visitors

Total overseas visitor arrivals to New Zealand numbered 2.9 million for the year ended June 2014, up 6.0 percent from 2013. The increase was mainly due to more short-term visitor arrivals from Australia (up 4.4 percent), the United States (up 12 percent), and China (up 8.0 percent).

Total departures from New Zealand numbered 2.3 million for the year ended June 2014, up 3.5 percent from the year ended June 2013. Short-term New Zealand-resident departures to Australia, the United States, and Fiji all rose.

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