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• GDP: US$106 billion (2007).
• Main imports: Machinery and equipment, vehicles and aircraft, petroleum, electronics.
• Main exports: Dairy, meat, wood and wood products, fish and machinery.
• Main trade partners: Australia, China, Germany, Japan, UK and USA.
• Main imports: Machinery and equipment, vehicles and aircraft, petroleum, electronics.
• Main exports: Dairy, meat, wood and wood products, fish and machinery.
• Main trade partners: Australia, China, Germany, Japan, UK and USA.
Economy
New Zealand is primarily thought of as an agricultural country and, although the sector employs less than 10% of the workforce and contributes just 5% of GDP, it accounts for 30% of the country's export income, primarily from wool, meat, dairy and woods products. Energy-related natural resources, principally coal but also natural gas, have been heavily developed. There are also deposits of iron, gold and silica.
Between the mid 1980s and mid 1990s, New Zealand underwent one of the most radical economic transformations of any Western industrialised country, with wholesale privatisation, abolition of subsidies, tariff barriers and corporate regulations, and dismantling of many welfare systems (although spending has risen sharply to tackle the pensions crisis afflicting the developed world). The reforms have also meant that New Zealand is more dependent on foreign trade.
The economy grew by 1.9% in 2006, while inflation was 2.6%. Unemployment is currently just under 4% (3.8%), although much of it is concentrated in particular areas where it remains a major problem.
Australia is New Zealand's largest trading partner, and the two governments have established a completely free trading regime between them. New Zealand is a member of the Organisation for Economic Co-operation and Development (OECD), the South Pacific Forum and the Asian-Pacific Economic Co-operation (APEC) forum.
Between the mid 1980s and mid 1990s, New Zealand underwent one of the most radical economic transformations of any Western industrialised country, with wholesale privatisation, abolition of subsidies, tariff barriers and corporate regulations, and dismantling of many welfare systems (although spending has risen sharply to tackle the pensions crisis afflicting the developed world). The reforms have also meant that New Zealand is more dependent on foreign trade.
The economy grew by 1.9% in 2006, while inflation was 2.6%. Unemployment is currently just under 4% (3.8%), although much of it is concentrated in particular areas where it remains a major problem.
Australia is New Zealand's largest trading partner, and the two governments have established a completely free trading regime between them. New Zealand is a member of the Organisation for Economic Co-operation and Development (OECD), the South Pacific Forum and the Asian-Pacific Economic Co-operation (APEC) forum.
Business Etiquette
Businesswear is generally conservative; suits are usually worn. Appointments are necessary and punctuality is appreciated. Business cards are exchanged. The business approach is fairly conservative and visitors should avoid the period from Christmas to the end of January. The best months for business visits are February to April and October to November.
Office hours: Mon-Fri 0900-1700.
Office hours: Mon-Fri 0900-1700.
Conferences & Conventions
The largest centres are in Auckland, Christchurch and Wellington. Many hotels also have facilities. There are over 20 regional convention bureaux in New Zealand, most of which are members of Conventions and Incentives New Zealand.
Business Contacts
Wellington Chamber of Commerce and Industry
PO Box 1590, Level 28, The Majestic Centre, 100 Willis Street, Wellington, New Zealand
Tel: (4) 914 6500.
Website: www.wgtn-chamber.co.nz
Conventions and Incentives New Zealand
PO Box 331-202, Suite 3, Level 1, 15 Huron Street, Takapuna, Auckland, New Zealand
Tel: (9) 486 4128.
Website: www.conventionsnz.com
PO Box 1590, Level 28, The Majestic Centre, 100 Willis Street, Wellington, New Zealand
Tel: (4) 914 6500.
Website: www.wgtn-chamber.co.nz
Conventions and Incentives New Zealand
PO Box 331-202, Suite 3, Level 1, 15 Huron Street, Takapuna, Auckland, New Zealand
Tel: (9) 486 4128.
Website: www.conventionsnz.com