Vietnam’s exports to New Zealand
- Export turnover
In the period 2014-2023, although Vietnam's exports to New Zealand are still modest and fluctuate over the years, in general, there is significant growth with export turnover increasing more than 2 times, from 316.1 million USD in 2014 to 648.9 million USD in 2023. The average export growth rate of Vietnam to New Zealand in the period 2014-2023 reached 9.9%, nearly equal to the average export growth rate of Vietnam to the world in the same period (10.6%) (General Department of Customs, 2024).
New Zealand has become a potential export market for Vietnam thanks to the advantage of tariff reduction from the AANZFTA, CPTPP, RCEP agreements. However, Vietnam's export turnover to New Zealand is still very modest, accounting for only 0.2% of total export turnover to the world (2023 data from the General Department of Customs). On the New Zealand side, Vietnam ranks 13th in the list of goods suppliers to this country. However, New Zealand's import turnover from Vietnam only accounts for 1.9% of New Zealand's total import value of goods (2023 data from ITC Trademap). Thus, it can be seen that the potential and room for Vietnam's exports to the New Zealand market is still very large.
Table 1 - Vietnam's exports to New Zealand in the period 2014-2023
|
Year |
Vietnam’s export value to New Zealand (billion USD) |
Vietnam's export growth rate to |
Vietnam’s export growth rate to the world |
|
2014 |
316.14 |
15.38% |
13.77% |
|
2015 |
326.08 |
3.14% |
7.86% |
|
2016 |
359.91 |
10,37% |
8.99% |
|
2017 |
458.59 |
27,42% |
21.82% |
|
2018 |
504.18 |
9.94% |
13.29% |
|
2019 |
542.43 |
7.59% |
8.44% |
|
2020 |
498.31 |
-8.13% |
6.95% |
|
2021 |
701.89 |
40.85% |
18.94% |
|
2022 |
698.80 |
-0.44% |
10.57% |
|
2023 |
648.88 |
-7.14% |
-4.59% |
Source: General Department of Customs, 2024
- Main export products and market shares
Vietnam's main export products to the New Zealand market are machinery, electrical/mechanical equipment, footwear, clothing, wooden furniture, fresh fruit, plastic products, etc.
Among the above products, Vietnam is in the top 5 largest exporting countries to New Zealand for 7/10 product groups. However, the import market share of Vietnamese products to New Zealand is still relatively limited, with only footwear accounting for a large proportion (27.9%) of New Zealand's total imports.
The main competitors of Vietnamese goods in the New Zealand market are China, the United States, Australia, Germany, Italy, the UK and some ASEAN countries (Malaysia, Indonesia, Thailand, etc.)
Table 2 - Top 10 products exported by Vietnam to New Zealand in 2023
|
Goods description |
Value (million USD) |
Proportion in total import value of New Zealand (%) |
Top 5 import countries of New Zealand |
|
Chapter 85: Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles |
405.13 |
9.04% |
China, Vietnam, United States, Australia, Malaysia |
|
Chapter 64: Footwear, gaiters and the like; parts of such articles |
92.29 |
27.94% |
China, Vietnam, Indonesia, Italy, Germany |
|
Chapter 84: Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof |
60.22 |
0.88% |
China, United States, Germany, Japan, United Kingdom |
|
Chapter 94: Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings |
47.58 |
5.55% |
China, Australia, Vietnam, Italy, United States |
|
Chapter 62: Articles of apparel and clothing accessories, not knitted or crocheted |
41.10 |
6.85% |
China, Bangladesh, Vietnam, Indonesia, India |
|
Chapter 61: Articles of apparel and clothing accessories knitted or crocheted |
31.61 |
4.96% |
China, Bangladesh, Vietnam, India, Cambodia |
|
Chapter 08: Fruits and Nuts |
28.04 |
8.77% |
Ecuador, Australia, United States, Vietnam, Philippines |
|
Chapter 34: Soap, organic surface-active agents, polishing or scouring preparations, candles and similar articles, modelling pastes, dental waxes and dental preparations with a basis of plaster |
23.79 |
8.18% |
Australia, China, United States, Vietnam, Thailand |
|
Chapter 90: Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof |
18.83 |
1.12% |
United States, China, Australia, Germany, United Kingdom |
|
Chapter 39: Plastics and articles thereof |
18.37 |
1.18% |
China, Australia, United States, Thailand, Taiwan (China) |
Source: ITC Trade Map, 2024
Source: Center for WTO and International Trade
