WTO 2022b

WTO. 2022b. Trade Policy Review [New Zealand] – Report by the Secretariat (WTO Trade Policy Review Body, WT/TPR/S/426, 6 April 2022)

1.4. International trade plays an important role in New Zealand's economy, albeit decreasingly: merchandise trade (exports and imports), as percentage of GDP, went down from 40.7% in 2014/15 to 35.3% in 2020/21. This fall is partly due to the negative impact the COVID-19 pandemic had on both exports and imports of goods and services. The small size of New Zealand's economy, the remote access to markets and suppliers, and limited participation in global value chains (GVCs) other than food and agriculture also reduce the ability of firms to exploit economies of scale and to export. In 2020, New Zealand ranked 37th among world merchandise exporters and 40th among importers (considering the countries of the European Union together and excluding intra-EU trade). Services exports, mainly travel services, are also a significant source of foreign exchange earnings. In services trade, New Zealand ranked 30th among exporters and 34th among importers.