The United States and New Zealand engage regularly to discuss trade and investment issues, including under our 1992 Trade and Investment Framework Agreement. The latest information regarding significant trade barriers can be found in the 2021 National Trade Estimate Report, see here.
Economic and Trade Statistics
In 2020, New Zealand GDP was an estimated $193.5 billion (current market exchange rates); real GDP was down by an estimated 6.1 percent; and the population was 5 million. (Source: IMF)
U.S. goods and services trade with New Zealand totaled an estimated $10.8 billion in 2020. Exports were $5.0 billion; imports were $5.7 billion. The U.S. goods and services trade deficit with New Zealand was $681 million in 2020.
New Zealand is currently our 47th largest goods trading partner with $7.4 billion in total (two way) goods trade during 2020. Goods exports totaled $3.2 billion; goods imports totaled $4.2 billion. The U.S. goods trade deficit with New Zealand was $1.0 billion in 2020.
Trade in services with New Zealand (exports and imports) totaled an estimated $3.4 billion in 2020. Services exports were $1.8 billion; services imports were $1.5 billion. The U.S. services trade surplus with New Zealand was $332 million in 2020.
According to the Department of Commerce, U.S. exports of goods and services to New Zealand supported an estimated 34 thousand jobs in 2019 (latest data available) (17 thousand supported by goods exports and 17 thousand supported by services exports).
Exports
• New Zealand was the United States' 47th largest goods export market in 2020.
• U.S. goods exports to New Zealand in 2020 were $3.2 billion, down 19.0 percent ($752 million) from 2019 but up 13 percent from 2010.
• The top export categories (2-digit HS) in 2020 were: aircraft ($534 million), machinery ($386 million), special other (low value shipments) ($274 million), vehicles ($227 million), and electrical machinery ($199 million).
• U.S. total exports of agricultural products to New Zealand totaled $537 million in 2020. Leading domestic export categories include: dairy products ($123 million), distillers grains ($60 million), pork and pork products ($39 million), fresh fruit ($36 million), and dog and cat food ($32 million).
• U.S. exports of services to New Zealand were an estimated $1.8 billion in 2020, 42.7 percent ($1.4 billion) less than 2019, but 6 percent less than 2010 levels. Leading services exports from the U.S. to New Zealand were in the financial services, transportation, and telecommunications, computer, and information services sectors.
Imports
• New Zealand was the United States' 47th largest supplier of goods imports in 2020.
• U.S. goods imports from New Zealand totaled $4.2 billion in 2020, up 2.3 percent ($95 million) from 2019, and up 52 percent from 2010.
• The top import categories (2-digit HS) in 2020 were: meat (beef) ($1.2 billion), beverages (wine) ($501 million), dairy, eggs, honey ($329 million), special other (repairs and returns) ($274 million), and machinery ($272 million).
• U.S. total imports of agricultural products from New Zealand totaled $2.6 billion in 2020, our 16th largest supplier of agricultural imports. Leading categories include: beef and beef products ($945 million), wine and related products ($489 million), dairy products ($458 million), other meat products ($254 million), and other livestock products ($102 million).
• U.S. imports of services from New Zealand were an estimated $1.5 billion in 2020, 44.3 percent ($1.2 billion) less than 2019, but 11 percent greater than 2010 levels. Leading services imports from New Zealand to the U.S. were in the travel, transportation, and Personal, cultural and recreational services sectors.
Trade Balance
• The U.S. goods trade deficit with New Zealand was $1.0 billion in 2020, a 508.2 percent increase ($846 million) over 2019.
• The United States has a services trade surplus of an estimated $332 million with New Zealand in 2020, down 33.9 percent from 2019.
Investment
• U.S. foreign direct investment (FDI) in New Zealand (stock) was $12.9 billion in 2020, a 8.7 percent increase from 2019. U.S. reported direct investment in New Zealand is led by manufacturing, finance and insurance, and wholesale trade.
• New Zealand's FDI in the United States (stock) was $3.4 billion in 2020, down 6.7 percent from 2019. New Zealand's direct investment in the U.S. is led by manufacturing, wholesale trade, and information services.
• Sales of services in New Zealand by majority U.S.-owned affiliates were $4.0 billion in 2018 (latest data available), while sales of services in the United States by majority New Zealand-owned firms were $445 million.
