New Zealand's Economy
New Zealand at a Glance
An overview of New Zealand, a remote country of about 5 million people that relies on farm exports, tourism and services, and its key economic features.
New Zealand is a small, remote country of about 5 million people.
Economic features
- A high-income economy.
- Big farm exports: dairy, meat, wool, fruit.
- Tourism and international education.
Remoteness
Distance from markets raises transport costs; the nearest large economy is Australia.
Openness
New Zealand relies on trade and has free trade deals with many partners, including China (2008), the first developed country to sign one with China.
Migration
Many New Zealanders move to Australia, while immigrants arrive from Asia and the Pacific.
The export ship
A ship leaves Tauranga with dairy powder, kiwifruit and logs bound for China.
Thinking New Zealand's economy is mostly tourism
Farm exports are central.
Key takeaways
- New Zealand has about 5 million people.
- Farm exports are central.
- Remoteness raises costs.
- It signed an FTA with China in 2008.
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