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Global New Zealand – International trade, investment, and travel profile: Year ended June 2013
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.

Global NZ – year ended June 2013

All comparisons are between the year ended June 2013 and the year ended June 2012, unless otherwise stated.

The annual goods and services trade balance for the year ended June 2013 was a $533 million surplus. A goods trade surplus of $1.5 billion was partly offset by a services trade deficit of $1.0 billion.

The value of New Zealand’s goods and services exports for the year ended June 2013 was $59.6 billion, down 2.6 percent from the year ended June 2012. Goods exports fell 2.1 percent ($984 million), led by decreases in exports of crude oil; mechanical machinery and equipment; and milk powder, butter, and cheese. Services exports fell 4.2 percent ($617 million), led by a decrease in merchanting services. Merchanting services are the net result of a company buying and selling goods overseas, without those goods entering New Zealand.

The value of New Zealand’s goods and services imports for the year ended June 2013 was $59.1 billion, down 1.6 percent from the year ended June 2012. Goods imports fell 2.0 percent ($901 million), while services imports fell 0.5 percent ($70 million).

New Zealand’s two-way trade of goods plus services (exports plus imports) for the year ended June 2013 was valued at $119 billion, down $2.6 billion from the previous year.
At 30 June 2013, New Zealand’s foreign direct investment abroad was valued at $22.7 billion, down $981 million from 30 June 2012. Foreign direct investment in New Zealand was valued at $101 billion, up $2.4 billion from the previous year.

Total international arrivals rose 0.2 percent from the year ended June 2012 to 2.7 million individuals. Total international departures fell 0.9 percent, to 2.2 million for the year ended June 2013.

Graph, New Zealand's trade in goods and services, year ended June 2008–13, actual values.

Goods trade

Goods exports fall $1.0 billion

In the year ended June 2013, New Zealand’s goods exports were valued at $45.7 billion, down $1.0 billion (2.1 percent) from the June 2012 year. Most export commodities were down. The top export commodities – dairy, meat, and wood, accounted for 44 percent of total exports in the latest year.

Our top five export markets for the year ended June 2013 were:

  • Australia – accounted for $9.5 billion of total exports, down $929 million from the June 2012 year.
  • China – $7.7 billion, up $1.6 billion.
  • United States –$4.1 billion, up $33 million.
  • Japan – $2.9 billion, down $443 million.
  • Korea – $1.6 billion, up $29 million.

The top five export countries accounted for 57 percent of total exports.

Exports to Asia-Pacific Economic Cooperation (APEC) countries accounted for 33.5 billion of our total exports. Exports to the European Union (EU) accounted for $4.5 billion of total exports.

Graph, Goods exports (fob) by country of destination, as a proportion of total exports, 2012 and 2013.

Exports of agricultural products increase

Exports of agricultural products increased $8.8 million to $26.6 billion in the year ended June 2013. Our top two export commodities moved in opposite directions – dairy products fell, while meat and meat products rose.

Dairy product exports fell $242 million (1.9 percent), down to $12.5 billion, due to a fall in butter exports. Destinations with the largest falls were: Venezuela (the largest decrease was in milk powder), Sri Lanka (milk powder, and butter and dairy spreads), and Australia (cheese).

Meat and meat product exports rose $118 million (2.1 percent), led by an increases in beef exports. China and the United States recorded the largest increases.

Exports to China showed a significant increase in both dairy and meat. Dairy exports to China rose $676 million (29 percent), due to increased exports of milk powder. Meat exports to China rose $440 million (91 percent), led by sheep meat and beef.

APEC countries received 68 percent of our agricultural product exports. Exports to APEC countries rose $1.0 billion (5.9 percent). The largest contributions came from exports to China, the United States, and Australia.

The EU received 13 percent of agricultural exports. The value of exports to the EU fell $297 million (8.0 percent). The largest contributions came from exports to the United Kingdom, Germany, and Netherlands.

Exports of non-agricultural products decrease

Exports of non-agricultural products decreased $993 million (4.9 percent), down to $19.1 billion, for the year ended June 2013. The largest contributor to the decrease was mineral fuels, down $670 million (24 percent), led by petroleum. Machinery exports also fell, by $412 million (14 percent). Forestry and forestry products partly offset this fall, rising $207 million (4.9 percent).

Exports of non-agricultural products to Australia had the largest decrease in value, down $916 million (12 percent) to $6.9 billion. The largest contributor was crude oil, down $328 million (17 percent) to $1.6 billion. Exports of non-agricultural products to Japan had the second-largest decrease in value, down $315 million (19 percent) to $1.4 billion.

Exports by level of processing

In the year ended June 2013, 71 percent of all exports were primary products and 24 percent were manufactured goods. Of the primary products, 54 percent were processed. Food accounted for 48 percent of total primary exports. Of the manufactured goods, 63 percent were elaborately transformed. Mechanical and electrical machinery and equipment accounted for 40 percent of total manufactured goods exports. These percentages showed little change from the year ended June 2012.

Australia received 35 percent of exported manufactured goods and 15 percent of exported primary products. China received 22 percent of New Zealand’s primary exports. Primary products were the main contributor to total exports to China. Of exported manufactured goods, 13 percent went to the United States.

See level of processing for more information on this classification.

Goods imports fall $0.9 billion

New Zealand’s goods imports in the year ended June 2013 were valued at $46.5 billion, down $0.9 billion (2.0 percent). The largest falls were for imports from Russia and Singapore, while imports from Malaysia rose. For our top three trade partners, imports from the United States and Australia fell, while imports from China rose.

Imports from APEC countries were valued at $33.2 billion and accounted for 71 percent of total imports. Imports from the EU were valued at $7.4 billion, 16 percent of total imports.

Graph, Goods imports (cif) by country of origin, as a proportion of total imports, 2012 and 2013.

Imports led by fuels and machinery

Mineral fuels and oils were New Zealand’s highest-value imports, worth $8.0 billion. This was down $394 million from the June 2012 year, and accounted for 17 percent of total imports. Other significant imports included machinery ($5.7 billion), vehicles ($5.4 billion), and electrical machinery ($3.8 billion).

See Harmonised System chapter on ‘mineral fuels and oils’ for a description.

China was New Zealand’s largest source of goods imports in the year ended June 2013, with $7.8 billion (17 percent) of total imports. This was up $103 million from the previous year. The highest-value import commodity from China was computers, valued at $787 million (up 3.2 percent); followed by telephones and cellphones, valued at $582 million (up 6.1 percent).
Australia was our second-largest source of imports, accounting for $6.9 billion (15 percent) of total imports. This was down $331 million from the previous year. The highest-value import from Australia was motor vehicles, valued at $286 million (down 9.4 percent).

The United States was New Zealand’s third-largest source of imports, valued at $4.2 billion (9.1 percent) of total imports. Turbo-jets and turbo-propellers; and medical, dental, or veterinary instruments were the largest import commodity groups by value.

Imports by level of processing

In the year ended June 2013, 30 percent of all imports were primary products and 69 percent were manufactured goods. Of the primary products, 52 percent were unprocessed. Of the manufactured goods, 88 percent were elaborately transformed. Mechanical and electrical machinery and equipment accounted for 58 percent of imports for all manufactured goods.

China provided 23 percent of imported manufactured goods, 13 percent came from Australia, and 11 percent from the United States.

Services trade

Exports of services fall $617 million

New Zealand exported $13.9 billion of services in the year ended June 2013, down $617 million from the previous year. Exports of most services were down compared with the previous year, mainly due to falls in merchanting services and expenditure by overseas visitors to New Zealand.

Despite the general fall in exports of services, New Zealand’s service exports to China increased $218 million. Expenditure by visitors from China continued to rise, driven by more travellers.
Travel and transportation services accounted for around two-thirds of total service exports, and was valued at $9.3 billion for the year ended June 2013.

Our top five export partners for services had the following changes in the year ended June 2013, compared with the previous year:

  • Australia – accounted for $4.0 billion of service exports, down $101 million
  • United States – $1.9 billion, down $123 million
  • China – $1.3 billion, up $218 million
  • United Kingdom – $865 million, down $160 million
  • Japan – $703 million, up $18 million.

Graph, Service exports by country of destination, as a proportion of total exports, 2012 and 2013.

Service imports fall $70 million

New Zealand imported $14.9 billion of services during the year ended June 2013, down $70 million (0.5 percent) from the previous year. Lower expenditure on transportation services, and on business, professional, and technical services (eg advertising and engineering services) was partly offset by more spending by New Zealand travellers overseas.

Travel and transportation services accounts for just over half of total service imports, and was valued at $8.3 billion for the year ended June 2013.

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

  • Australia – $5.1 billion of service imports, down $197 million
  • United States – $1.8 billion, up $145 million
  • Singapore – $1.1 billion, up $164 million
  • United Kingdom – $830 million, down $15 million
  • Germany – $438 million, down $63 million.

Graph, Service imports by country of origin, as a proportion of total imports, 2012 and 2013.

Trade balance

Annual trade surplus is $533 million

The goods and services trade balance for the year ended June 2013 was a $533 million surplus (0.9 percent of exports).

The goods trade balance (exports fob – imports vfd) for the year ended June 2013 was a $1.5 billion surplus (3.4 percent of exports). This compares with a $1.6 billion surplus (3.5 percent of exports) for the year ended June 2012.

The services balance for the year ended June 2013 was a $1.0 billion deficit (7.3 percent of service exports). This compares with a $464 million deficit (3.2 percent of service exports) for the year ended June 2012.

Foreign direct investment

Stock of investment in New Zealand up $2.4 billion

Foreign direct investment in New Zealand was valued at $101 billion at 30 June 2013, up $2.4 billion from 30 June 2012. Value of direct investment by Australia, United Kingdom, and Singapore rose while investment from the United States fell. Australian parent companies reinvested most of their New Zealand subsidiaries’ profits during the June 2013 year.

New Zealand’s stock of foreign direct investment abroad was valued at $22.7 billion at 30 June 2013, down $981 million from 30 June 2012. This fall is mostly due to a lower value (down $942 million) of direct investment held in Australia. This fall in investment in Australia was due to valuation changes, rather than transactions (eg selling an Australian subsidiary to an overseas investor), decreasing direct investment.

Migration

Overseas arrivals increase led by short-term visitors

Total overseas visitor arrivals to New Zealand numbered 2.7 million for the year ended June 2013. This was up 0.2 percent from the year ended June 2012. The increase was mainly due to more short-term visitor arrivals from China (up 27 percent), Australia (up 0.7 percent), and Japan (up 12 percent). The largest decrease was in short-term arrivals from the United Kingdom.

Total departures from New Zealand numbered 2.2 million for the year ended June 2013. This was a decrease of 0.9 percent from the year ended June 2012. Short-term New Zealand-resident departures to Australia, United Kingdom, and Malaysia all fell.

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