New Zealand might be one of the smallest countries in the world in terms of land mass in comparison to many of the others that it competes with economically and in other global terms, however it is a nation that has been known to be a powerhouse in certain exports that it distributes across the world.
For a country of its size, New Zealand punches above its weight in the global economy. Ranked 51st among the world’s major economies, it boasts a Gross Domestic Product (GDP) of USD 48,419 per capita, equivalent to a staggering 248.10 billion USD for the entire country.
How has New Zealand managed to rival other countries in terms of GDP?
New Zealand’s standout exports are its dairy products, a fact that may not come as a surprise given the country’s thriving dairy farming industry. The nation’s exclusive focus on cattle has led to an industry worth around $11.2 billion, with products like milk powder, butter, and cheese making their way to global markets.
While dairy tops their exports, the Kiwis are also known to be big exporters of meat, wool, and wood/logs. The amount of trade that the country does is thought to make up around 30% of its total GDP, thus highlighting the importance of exporting. This is helped by the fact that they have good trade relationships with many of the biggest and richest countries around the world.
Aside from these exports, business and personal travel from New Zealand is also a major contributor to their economy, totaling a value of around $10 billion. One business industry that has contributed heavily to recent years and continues to show promise is the iGaming industry.
Gaming culture in the country has continued to grow and escalate in recent years, much like it has with its neighbours, Australia. It’s not uncommon for Kiwis to search for an online casino in New Zealand to use, where they can obtain bonuses and play all their favourite games in one place. Indeed, the industry is showing this regarding the figures that it continues to provide, with the revenues being created expected to grow at an annual compound growth rate (CAGR 2024-2029) of 5.58% over the next five years. Predictions suggest it could be worth US$1.64 billion by the time 2029 comes around.
New Zealand has had a powerful influence worldwide
It should be noted that New Zealand have plenty of other ways in which they have become a global exporter, albeit not perhaps in the traditional business or economic way that may be thought of.
When thinking about the country, it’s not unusual for sports fans to think about some of the games that the Kiwis have been exceptional at over the years. Rugby is one of those sports with the All Blacks regularly being one of the teams to keep an eye on in the biggest tournaments. Cricket is another sport that the country usually does well in producing players for, too. There have been many famous players from both sports that have become global names in their own respective fields.
Will New Zealand continue to be a global exporter?
Barring any possible disasters or unforeseen problems, New Zealand should continue to remain a global powerhouse when it comes to the exporting industry.
The country’s location has made it ideal for certain goods and services that are required, and with technology continuing to improve, it wouldn’t be a surprise if we were to see improvements or new developments occur that help the small nation become even more important to the global economy.
