
That dollar amount reflects a 13.3% upturn compared to $37.5 billion five years earlier during 2020.
Year over year, the value of products exported from New Zealand expanded by 6.8% from $39.8 billion in 2023.
The top 5 countries in terms of buying exported goods from New Zealand are mainland China, United States of America, Australia, Japan and South Korea. That cohort of major customers consumed almost three-fifths (58.6%) of New Zealand’s world exports for 2024.
Applying a continental perspective, well over half (55.4%) of New Zealand’s exports by value was delivered to Asian countries while 15.3% was sold to importers in Oceania led by Australia and Fiji. New Zealand shipped another 15.1% worth of products to buyers in North America.
Lesser percentages went to customers in Europe (9.9%), Africa (2.9%) then Latin America (1.4%) excluding Mexico but including the Caribbean.
New Zealand’s Top Trade Partners
Below is a list showcasing 25 of New Zealand’s top trade partners, countries that imported the most shipments by dollar value from New Zealand during 2024. Also shown is each trade partner’s percentage of total New Zealand exports.
- mainland China: US$10.7 billion (25.1% of New Zealand’s total exports)
- United States: $5.4 billion (12.7%)
- Australia: $5.3 billion (12.6%)
- Japan: $2.2 billion (5.3%)
- South Korea: $1.2 billion (2.8%)
- Singapore: $1.1 billion (2.5%)
- United Kingdom: $1 billion (2.4%)
- Indonesia: $977.5 million (2.3%)
- Taiwan: $935.1 million (2.2%)
- Malaysia: $897.5 million (2.1%)
- Thailand: $765.1 million (1.8%)
- Hong Kong: $719.7 million (1.7%)
- Netherlands: $697.8 million (1.6%)
- Saudi Arabia: $669.5 million (1.6%)
- United Arab Emirates: $668 million (1.6%)
- Canada: $654.9 million (1.5%)
- Vietnam: $562.6 million (1.3%)
- Philippines: $530.4 million (1.2%)
- Algeria: $518.8 million (1.2%)
- Germany: $484 million (1.1%)
- India: $385.7 million (0.9%)
- Fiji: $373 million (0.9%)
- Bangladesh: $315.9 million (0.7%)
- France: $307.7 million (0.7%)
- Mexico: $289.2 million (0.7%)
Nearly nine-tenths (88.8%) of New Zealand’s exports in 2024 was delivered to the above 25 trade partners.
From 2023 to 2024, the leading gainers for buying exported goods from New Zealand were customers in India (up 47%), Fiji (up 33.9%), Hong Kong (up 30.9%), United Kingdom (up 27.3%), United Arab Emirates (up 25.5%), Germany (up 22.3%) then the Philippines (up 21.7%).
Double-digit declines year over year belonged to importers in Algeria (down -13.5% from 2023), South Korea (down -11.5%) and Mexico (down -10.2%).
Countries Causing the Greatest Trade Deficits for New Zealand
New Zealand generated an overall -US$4.4 billion trade deficit for 2024, reducing by -56.7% from -$10.2 billion in red ink in 2023.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
New Zealand incurred the highest trade deficits with the following countries.
- South Korea: -US$2.9 billion (country-specific trade deficit in 2024)
- Germany: -$1.5 billion
- Singapore: -$1.3 billion
- Thailand: -$989.1 million
- Italy: -$817 million
- France: -$587 million
- Vietnam: -$481.7 million
- Malaysia: -$454.2 million
- India: -$353 million
- Japan: -$352.4 million
Among New Zealand’s trading partners that cause the greatest negative trade balances, New Zealand’s deficits with Vietnam (up 31%) and South Korea (up 22.1%) grew from 2023 to 2024.
These cashflow deficiencies clearly indicate New Zealand’s competitive disadvantages with the above countries, but also represent key opportunities for New Zealand to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Biggest Trade Surpluses for New Zealand
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
In 2024, New Zealand earned the highest trade surpluses at the expense of the following countries.
- Hong Kong: US$666.9 million (country-specific trade surplus in 2024)
- mainland China: $653.8 million
- United Arab Emirates: $568.3 million
- Saudi Arabia: $519.2 million
- Algeria: $516.8 million
- United States of America: $495.6 million
- Philippines: $411.8 million
- Taiwan: $373.7 million
- Fiji: $321.4 million
- Netherlands: $285.7 million
Among New Zealand’s trading partners that generate the greatest positive trade balances, New Zealand’s surpluses with United States of America (up 32,228%), Netherlands (up 87.5%) and Fiji (up 40.7%) grew at the fastest pace from 2023 to 2024.
These positive cashflow streams clearly indicate New Zealand’s competitive advantages with the above countries, but also represent key opportunities for New Zealand to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing New Zealand’s Trade Partners
Not one New Zealand-based corporation ranks among the Forbes Global 2000.
The NZX50 Index is the main stock market index for New Zealand. Based on that index, the following companies are among leading stock companies in New Zealand that have the highest capitalization values.
- Australia and New Zealand Banking Group (financial services)
- Coats Group PLC (sewing supplies, zippers, fasteners)
- Kathmandu Holdings Limited (outdoor clothing, equipment)
- Mainfreight Limited (logistics, transportation)
- Nuplex Industries Limited (resins for decorative/industrial/protective coatings)
- Steel & Tube Holdings Limited (building materials)
- The a2 Milk Company Limited (dairy products)
See also New Zealand’s Top 10 Exports and New Zealand’s Top 10 Imports
Research Sources:
Central Intelligence Agency, The World FactbookCountry Profiles. Accessed on April 16, 2025
International Trade Centre, Trade Map. Accessed on April 16, 2025