Here’s our quarterly goods and services trade dashboard. Figures up to December 2020. It shows big declines in travel and tourism exports to the U.S. but solid ICT export growth. Our goods exports continue to provide the solid platform and majority of our exports to the U.S.. The dashboard is interactive and provides a picture of the NZ-US goods trade position and other key trade relationships.
The latest quarterly trade data for goods and services to the end of December 2020 highlights the solid and increasingly diverse and high-value nature of the trade relationship between New Zealand and the United States.
Some of my early observations on the data – welcome your views also:
- You clearly see the impact of COVID-19 on our exports to the United States in many of the sectors you’d expect to see it such as personal travel (down 41%) and tourism (down 40%).
- One good news story is the strength of our ICT exports which have grown 18.3% over the last year. ICT, one of fastest growing categories, now sits behind our exports of agricultural products, wine, business services, machinery and industrial products.
- Encouraging also has been how solid our food and beverage exports to the U.S. have been – frozen beef up 42% to $1B, wine up 5.2% to $629M, casein up 20%, and whey and milk constituents up 9%.
- Our food and beverage goods exporters to the U.S. provide this strong foundation in the trade relationship and represent the majority of our exports. What’s really exciting here is the innovation we’re seeing through partnerships with US players to deliver value-added ingredient in higher end and fast-growing consumer markets (i.e. sports nutrition), brand and market development. These efforts by some of our biggest exporters are a little under the radar but are obviously paying dividends and will continue to do so.
- The US is New Zealand’s largest intellectual property market, and our number one market for telecommunications, computer and information services. What you see across all of our export categories is that the US/New Zealand trade relationship is increasingly characterized by innovation, high value products and a focus on services. This is the knowledge-based, weightless, low-carbon economy we’ve been talking about for years – and its really exciting.
I’ll be digging into other views of dashboard for insights and will bring those to you also.
Here’s a video of NZUS Council executive director – Jordan Small – talking through the dashboard and lastest trade data:
Answer your own questions about New Zealand’s trade position by navigating through the different views provided, hover over visuals to get more insight, or zero in on particular categories.
Our NZUS Council Trade Dashboard, developed by Heavy Duty Decisions, provides the most comprehensive picture of New Zealand’s trading relationships.