Trade
McGraw argues that, "Probably the greatest foreign policy achievement of Clark's term was the conclusion of a free trade agreement with China." Clark's government also set up a free-trade deal with Australia and the ten nations of ASEAN (the Association of South East Asian Nations).
New Zealand has existing free trade agreements with Australia, Brunei, Chile, the People's Republic of China, Hong Kong, Singapore, and Thailand; new free trade agreements are under negotiation with ASEAN, and Malaysia. New Zealand is involved in the WTO's Doha Development Agenda and was disappointed by the failure of the most recent talks in July 2006.
New Zealand's main export is food, primarily dairy products, meat, fruit and fish; about 95% of the country's agricultural produce is exported. Other major exports are wood, and mechanical and electrical equipment. About 46% of exports are non-agricultural, but the largest industry is still the food industry. Tourism is also an extremely important component of international trade: transport and travel form around 20% of the country's export trade. New Zealand does not have large quantities of mineral resources, though it does produce some coal, oil, and natural gas.
New Zealand's largest source of imports is China, followed by (in order) Australia, the United States, Japan, and Singapore. The largest destinations for exports are, in order, Australia, China, the U.S., Japan, and South Korea. Trade figures for 2011 with New Zealand's biggest trade partners are as follows:
| Country | Imports | Exports | Country | Imports | Exports |
|---|---|---|---|---|---|
| Australia | 7,377 | 10,858 | Saudi Arabia | 918 | 691 |
| China | 7,439 | 5,887 | Singapore | 2,163 | 812 |
| Germany | 1,993 | 775 | South Korea | 1,453 | 1,674 |
| Japan | 2,921 | 3,439 | Thailand | 1,330 | 731 |
| Malaysia | 1,478 | 874 | United Kingdom | 1,267 | 1,544 |
| Qatar | 1,041 | 2 | United States | 5,025 | 3,997 |
| Russia | 1,204 | 280 | Total (world) | 46,857 | 47,710 |
Read more about this topic: Foreign Relations Of New Zealand
Famous quotes containing the word trade:
“Conversation is a traffick; and if you enter into it, without some stock of knowledge, to ballance the account perpetually betwixt you,—the trade drops at once: and this is the reason ... why travellers have so little [good] conversation with natives,—owing to their [the natives’] suspicion ... that there is nothing to be extracted from the conversation ... worth the trouble of their bad language.”
—Laurence Sterne (1713–1768)
“Whatever trade one is in, one will find some fault with it.”
—Chinese proverb.
“Teaching your child a trade is better than giving him a thousand ounces of gold.”
—Chinese proverb.