New Zealand

===Trade===
New Zealand is heavily dependent on international trade,<ref>{{cite web |first=Tim |last=Groser |date=March 2009 |title=Speech to ASEAN-Australia-New Zealand Free Trade Agreement Seminars |url=http://www.beehive.govt.nz/speech/speech-asean-australia-new-zealand-free-trade-agreement-seminars |publisher=New Zealand Government |access-date=30 January 2011 |archive-date=10 July 2023 |archive-url=https://web.archive.org/web/20230710061833/https://www.beehive.govt.nz/speech/speech-asean-australia-new-zealand-free-trade-agreement-seminars |url-status=live }}</ref> particularly in agricultural products.<ref>{{cite web |url=http://www.mfat.govt.nz/Trade-and-Economic-Relations/NZ-and-the-WTO/Improving-access-to-markets/0-agriculturenegs.php |title=Improving Access to Markets:Agriculture |publisher=[[New Zealand Ministry of Foreign Affairs and Trade]] |access-date=22 January 2011 |archive-date=8 December 2015 |archive-url=https://web.archive.org/web/20151208075407/http://www.mfat.govt.nz/Trade-and-Economic-Relations/NZ-and-the-WTO/Improving-access-to-markets/0-agriculturenegs.php |url-status=dead }}</ref> Exports account for 24% of its output,<ref name="CIA" /> making New Zealand vulnerable to international commodity prices and global [[Recession|economic slowdowns]]. Food products made up 55% of the value of all the country's exports in 2014; wood was the second largest earner (7%).<ref>{{cite web |url=http://www.stats.govt.nz/infoshare |title=Standard International Trade Classification R4 – Exports (Annual-Jun) |publisher=[[Statistics New Zealand]] |date=April 2015 |access-date=3 April 2015 |archive-date=8 April 2015 |archive-url=https://web.archive.org/web/20150408082252/http://www.stats.govt.nz/infoshare/ |url-status=live }}</ref> New Zealand's main trading partners, {{as of|June 2018|alt=as at June 2018}}, are China ([[NZ$]]27.8b), Australia ($26.2b), the [[European Union]] ($22.9b), the United States ($17.6b), and Japan ($8.4b).<ref name="GSTC StatNZ">{{cite web |title= Goods and services trade by country: Year ended June 2018 – corrected |url= https://www.stats.govt.nz/information-releases/goods-and-services-trade-by-country-year-ended-june-2018 |publisher= [[Statistics New Zealand]] |access-date= 17 February 2019 |archive-date= 31 March 2022 |archive-url= https://web.archive.org/web/20220331190732/https://www.stats.govt.nz/information-releases/goods-and-services-trade-by-country-year-ended-june-2018 |url-status= live }}</ref> On 7 April 2008, New Zealand and China signed the [[New Zealand–China Free Trade Agreement]], the first such agreement China has signed with a developed country.<ref>{{cite news|title=China and New Zealand sign free trade deal|date=April 2008|url=https://www.nytimes.com/2008/04/07/business/worldbusiness/07iht-7tradefw.11718461.html|work=The New York Times|access-date=22 February 2017|archive-date=3 April 2017|archive-url=https://web.archive.org/web/20170403041332/http://www.nytimes.com/2008/04/07/business/worldbusiness/07iht-7tradefw.11718461.html|url-status=live}}</ref> In July 2023, New Zealand and the European Union entered into the [[New Zealand–European Union relations#EU-NZ free trade agreement|EU–New Zealand Free Trade Agreement]], which eliminated tariffs on several goods traded between the two regions.<ref>{{cite web |title=EU and New Zealand sign ambitious free trade agreement |url=https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_23_3715/IP_23_3715_EN.pdf |website=European Commission |access-date=17 October 2023 |archive-date=19 October 2023 |archive-url=https://web.archive.org/web/20231019000716/https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_23_3715/IP_23_3715_EN.pdf |url-status=live }}</ref> This free trade agreement expanded on the pre-existing free trade agreement<ref>{{cite web |last1=Ardern |first1=Jacinda |last2=O'Connor |first2=Damien |title=New Zealand secures major free trade deal with European Union |url=https://www.beehive.govt.nz/release/new-zealand-secures-major-free-trade-deal-european-union |website=beehive.govt.nz |access-date=17 October 2023 |archive-date=10 April 2023 |archive-url=https://web.archive.org/web/20230410010028/https://www.beehive.govt.nz/release/new-zealand-secures-major-free-trade-deal-european-union |url-status=live }}</ref> and saw a reduction in tariffs on meat and dairy<ref>{{cite web |title=Key points from New Zealand's free trade agreement with the EU |url=https://my.nzte.govt.nz/article/eu-nz-fta-negotiations-concluded |website=myNZTE |access-date=17 October 2023 |archive-date=19 October 2023 |archive-url=https://web.archive.org/web/20231019000715/https://my.nzte.govt.nz/article/eu-nz-fta-negotiations-concluded |url-status=live }}</ref> in response to feedback from the affected industries.<ref>{{cite news |last1=Gray |first1=Jamie |title=Primary sector gives its verdict on NZ-EU Free Trade Agreement |url=https://www.nzherald.co.nz/business/primary-sector-gives-its-verdict-on-nz-eu-free-trade-agreement/ |access-date=17 October 2023 |work=nzherald |agency=NZME |date=1 July 2022 }}{{Dead link|date=November 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

The service sector is the largest sector in the economy, followed by manufacturing and construction and then farming and raw material extraction.<ref name="CIA">{{cite web |title=New Zealand |work=[[The World Factbook]] |date=25 February 2021 |publisher=[[US Central Intelligence Agency]] |url=https://www.cia.gov/the-world-factbook/countries/new-zealand/ |access-date=20 March 2021 |archive-date=9 January 2021 |archive-url=https://web.archive.org/web/20210109223000/https://www.cia.gov/the-world-factbook/countries/new-zealand/ |url-status=live }}</ref> [[Tourism in New Zealand|Tourism]] plays a significant role in the economy, contributing $12.9 billion (or 5.6%) to New Zealand's total GDP and supporting 7.5% of the total workforce in 2016.<ref name="TourismStats">{{cite web |title=Key Tourism Statistics |url= http://www.mbie.govt.nz/info-services/sectors-industries/tourism/documents-image-library/key-tourism-statistics.pdf |publisher=[[Ministry of Business, Innovation and Employment]] |access-date=26 April 2017 |date=26 April 2017 |archive-url= https://web.archive.org/web/20170427004444/http://www.mbie.govt.nz/info-services/sectors-industries/tourism/documents-image-library/key-tourism-statistics.pdf |archive-date=27 April 2017 |url-status=dead}}</ref> In 2017, international visitor arrivals were expected to increase at a rate of 5.4% annually up to 2022.<ref name="TourismStats" />

[[File:Fauna de Nueva Zelanda07.JPG|thumb|right|Wool has historically been one of New Zealand's major exports.|alt=A Romney ewe with her two lambs]]

Wool was New Zealand's major agricultural export during the late 19th century.<ref name="RWT export evolution" /> Even as late as the 1960s it made up over a third of all export revenues,<ref name="RWT export evolution" /> but since then its price has steadily dropped relative to other commodities,<ref>{{cite book |first=Brian |last=Easton |chapter=Economy – Agricultural production |date=March 2009 |title=[[Te Ara: The Encyclopedia of New Zealand]] |chapter-url=http://www.teara.govt.nz/en/economy/2 |access-date=22 January 2011 |archive-date=28 January 2013 |archive-url=https://web.archive.org/web/20130128144722/http://www.teara.govt.nz/en/economy/2 |url-status=live }}</ref> and wool is no longer profitable for many farmers.<ref>{{cite book |first1=Hugh |last1=Stringleman |first2=Robert |last2=Peden |chapter=Sheep farming – Changes from the 20th century |title=[[Te Ara: The Encyclopedia of New Zealand]] |date=March 2009 |chapter-url=http://www.teara.govt.nz/en/sheep-farming/7 |access-date=22 January 2011 |archive-date=20 January 2013 |archive-url=https://web.archive.org/web/20130120154339/http://www.teara.govt.nz/en/sheep-farming/7 |url-status=live }}</ref> In contrast, [[Dairy farming in New Zealand|dairy farming]] increased, with the number of dairy cows doubling between 1990 and 2007,<ref>{{cite book |first1=Hugh |last1=Stringleman |first2=Frank |last2=Scrimgeour |chapter=Dairying and dairy products – Dairying in the 2000s |title=[[Te Ara: The Encyclopedia of New Zealand]] |date=November 2009 |chapter-url=http://www.teara.govt.nz/en/dairying-and-dairy-products/10 |access-date=22 January 2011 |archive-date=20 January 2013 |archive-url=https://web.archive.org/web/20130120174330/http://www.teara.govt.nz/en/dairying-and-dairy-products/10 |url-status=live }}</ref> to become New Zealand's largest export earner.<ref>{{cite book |first1=Hugh |last1=Stringleman |first2=Frank |last2=Scrimgeour |chapter=Dairying and dairy products – Dairy exports |title=[[Te Ara: The Encyclopedia of New Zealand]] |date=March 2009 |chapter-url=http://www.teara.govt.nz/en/dairying-and-dairy-products/11 |access-date=4 February 2011 |archive-date=14 January 2013 |archive-url=https://web.archive.org/web/20130114071611/http://www.teara.govt.nz/en/dairying-and-dairy-products/11 |url-status=live }}</ref> In the year to June 2018, dairy products accounted for 17.7% ($14.1 billion) of total exports,<ref name="GSTC StatNZ" /> and the country's largest company, [[Fonterra]], controls almost one-third of the international dairy trade.<ref>{{cite book |first1=Hugh |last1=Stringleman |first2=Frank |last2=Scrimgeour |chapter=Dairying and dairy products – Manufacturing and marketing in the 2000s |title=[[Te Ara: The Encyclopedia of New Zealand]] |date=March 2009 |chapter-url=http://www.teara.govt.nz/en/dairying-and-dairy-products/12 |access-date=22 January 2011 |archive-date=20 January 2013 |archive-url=https://web.archive.org/web/20130120175347/http://www.teara.govt.nz/en/dairying-and-dairy-products/12 |url-status=live }}</ref> Other exports in 2017–18 were meat (8.8%), wood and wood products (6.2%), fruit (3.6%), machinery (2.2%) and wine (2.1%).<ref name="GSTC StatNZ" /> [[New Zealand wine|New Zealand's wine]] industry has followed a similar trend to dairy, the number of vineyards doubling over the same period,<ref>{{cite book |first=Bronwyn |last=Dalley |chapter=Wine – The wine boom, 1980s and beyond |title=[[Te Ara: The Encyclopedia of New Zealand]] |date=March 2009 |chapter-url=http://www.teara.govt.nz/en/wine/6 |access-date=22 January 2011 |archive-date=20 January 2013 |archive-url=https://web.archive.org/web/20130120153949/http://www.teara.govt.nz/en/wine/6 |url-status=live }}</ref> overtaking wool exports for the first time in 2007.<ref>{{cite news|title=Wine in New Zealand|newspaper=The Economist|date=27 March 2008|url=http://www.economist.com/node/10926423|access-date=29 April 2017|archive-date=21 October 2017|archive-url=https://web.archive.org/web/20171021054420/http://www.economist.com/node/10926423|url-status=live}}</ref><ref>{{cite web |url= http://www.maf.govt.nz/news-resources/statistics-forecasting/international-trade.aspx |title=Agricultural and forestry exports from New Zealand: Primary sector export values for the year ending June 2010 |publisher=[[New Zealand Ministry of Agriculture and Forestry]] |date=14 January 2011 |access-date=8 April 2011 |url-status=dead |archive-url= https://web.archive.org/web/20110510042204/http://www.maf.govt.nz/news-resources/statistics-forecasting/international-trade.aspx |archive-date=10 May 2011}}</ref>