About

New Zealand – Find Out The Key Details

Aotearoa New Zealand is a country situated in the southwestern Pacific Ocean. The overall space of the landmass is almost 270k square kilometres (about 100k square miles) It is divided in two major areas – the North Island and the South Island. There are also around six hundred smaller-sized islands. NZ lies across the Tasman Sea around 3,000km (2k miles) eastwards of Australia and also about 800km 650miles) to the south of Tonga. New Zealand has a diverse landscape having steep mountain peaks like the Southern Alps which were created by tectonic pressures.

 

In other areas you can find river plains, volcanoes or rolling hills.

 

NZ has become an industrialised nation. It rates favourably among competing industrialised countries when it comes to its performance like education, financial flexibility, government transparency, and protection of constitutional freedoms.

 

New Zealand’s highest populated city is Auckland however the seat of government is in the much smaller city Wellington.

 

Due to its innovative economy, in 2018 the country was placed 3rd in the EFI and in the top 20 in the HDI. It has a high-income nation having a Gross Domestic Product of USD 36,254 per head.

 

Its commerce is predominantly the services industry with the second largest being farming then the manufacturing sector. Tourist activity adds a significant almost 13 billion dollars (5.6%) to the overall output of the nation. Up to in 2016 it supported roughly 8% of the country’s overall workforce. Before the pandemic global tourist numbers are anticipated to go up at a over 5% each year, nonetheless, Covid-19 constraints clearly have annihilated the tourism industry to such an level that it has virtually been halted.

 

The mining industries have been traditionally strong elements of the economic situation with sectors such as seal hunting, kauri gum, gold, flax, as well as indigenous timber having been common at various times.

 

Dairy and also meat exports to Great Britain was established in 1882 with the first delivery of New Zealand refrigerated lamb on a ship called Dunedin. The foundation of this trade spearheaded strong financial expansion in the country. Throughout the 1950s to 1960s, an increased market for agricultural products from the United States and the UK added to greater standards of living for Kiwis that went beyond those of Europe as well as Australia. Successive governments post 1984 have undertaken major macro-economic reshaping that swiftly transformed the nation from a highly regulated as well as protected economic situation to a neo-liberal, open market economic model.

 

The economic climate of New Zealand relies heavily on international business, especially agricultural products. Since the export sector makes up nearly 24% of the country’s GDP, this places the country in a risky situation with regards to global economic difficulties and worldwide product costs.

 

In 2014, food products comprised over half of the worth of the total New Zealand’s exports and wood with about 7% being the second biggest.

 

Significant trading partners include PRC at NZ$ 27.8 bn, Australia with NZD 26.2 bn, the EU with NZ$ 22.9 billion, the UNITED STATES at NZD approx 18 bn, and Japan at NZD just over 8 billion.

 

The NZ-China Free Trade Agreement was agreed between New Zealand on the 7th April, 2008 and was the initial such agreement to be signed by the Chinese government with another developed country.

 

Dairy products made up $14.1bn (almost 18%) of all exports in 2018. A single business, Fonterra, handles nearly a third of the country’s international exports.

 

Various other exports features lamb and beef at 8.8%, timber items and also wood at 6.2%, pip fruit at more than 3.5%, machinery at over 2%, red and white wine at 2.1%. Following a comparable trend to the dairy market, sales of wine almost increased two-fold surpassing woollen exports in 2007. During the worldwide Covid-19, the bottled and bulk wine industry enjoyed significant success with more New Zealand wine being exported to various other nations.

 

Domestically the business sector is composed of mainly modest-sized businesses, 71% of them being sole traders with less than 20% employing 5 or fewer staff.

 

Technology as well as the arts are growth sectors. NZ has earned global acclaim for the digital media and also film production.

 

The largest city in the country, Auckland, has a populace of 1.5million from a total population of about 5m. The two regions of Christchurch and Wellington have the same population of about 400,000.