COUNTRY'S NEWS

New Zealand Market Bulletin – Q4 2024

Posted on by content02.vinahugo
10
Oct

Export Performance of New Zealand in Q4 2024

New Zealand’s export turnover reached NZD 55.7 billion in 2024, marking a 1.2% increase compared with NZD 55.1 billion in 2023.

The growth was mainly driven by strong export expansion to several new key markets, while exports to traditional markets showed mixed performance:

  • European Union: +85.8%

  • Malaysia: +15.7%

  • Philippines: +20.0%

  • Hong Kong: +14.4%

  • United States: +7.7%

  • China: –7.7%

  • Australia: –1.1%

  • South Korea: –11.4%

  • Japan: –2.8%

Despite the decline, China remained New Zealand’s top export destination with a value of NZD 17.5 billion, followed by the United States (NZD 8.9 billion) and Australia (NZD 8.8 billion).

Vietnam–New Zealand Bilateral Trade Highlights

As of October 2024, Vietnam ranked 12th among New Zealand’s largest trading partners, accounting for 2.1% of New Zealand’s total trade volume.

  • Vietnam ranked 12th among New Zealand’s top import sources, representing 2.6% of New Zealand’s total imports.

  • Vietnam ranked 18th among New Zealand’s export destinations, making up 1.54% of New Zealand’s export share.

This data highlights Vietnam’s growing significance in New Zealand’s external trade structure, especially in sectors such as agro-processed products, seafood, textiles, coffee, and wooden furniture.

Vietnam’s Rising Trade Surplus with New Zealand

Vietnam continues to maintain a trade surplus in its bilateral trade with New Zealand.

In the first 10 months of 2024, Vietnam’s trade surplus reached over NZD 700 million — a record high — and is expected to increase significantly in the final months of the year due to seasonal demand for Christmas and New Yeargoods.

“Vietnam’s trade surplus with New Zealand is on a steady upward trajectory, driven by strong export growth and improved supply chain linkages,” reported the Vietnam Trade Office in New Zealand.

This performance reinforces Vietnam’s competitive advantage under the ASEAN–Australia–New Zealand Free Trade Area (AANZFTA) and ongoing bilateral trade cooperation initiatives.

Outlook for 2025

The trade outlook between Vietnam and New Zealand remains positive, with both countries expected to:

  • Strengthen agricultural and food supply chain cooperation;

  • Expand high-value and sustainable exports such as processed foods, wooden products, and seafood;

  • Leverage digital trade and logistics solutions for market access;

  • Continue benefiting from preferential tariffs under AANZFTA and enhanced bilateral engagement.

The Vietnam Trade Office in New Zealand continues to provide up-to-date market information, trade statistics, and export opportunities for Vietnamese enterprises seeking to strengthen their presence in the New Zealand market.