Overview: Economy New Zealand

Overview: Economy New Zealand

While New Zealand’s primary manufacturing industries are the food processing industry (meat and dairy) and the engineering sector, New Zealand has an increasingly strong competitive advantage in food processing technology, telecommunications, plastics, textiles, plantation forest products, electronics, climbing equipment and apparel.

In recent years there has also been a far greater interest in the production of specialised lifestyle products such as yachts. These industries are reflected in the variety of companies listed on New Zealand’s stock exchange, the NZX.

New Zealand’s economy is heavily dependent on overseas trade. It is a member of the World Trade Organisation and the OECD. New Zealand is also a member of the Asia Pacific Economic Cooperation (APEC), a regional organisation set up in 1989 and comprised of 21 member economies around the Pacific Rim. APEC’s goal is to achieve free trade with no tariff barriers between its members.

In 1983 New Zealand and Australia signed the Australia-New Zealand Closer Economic Relations Trade Agreement (CER), the most comprehensive trade agreement entered into by either country.