Aotearoa New Zealand – Getting To Know The Basics
Aotearoa New Zealand is a state located in the southern Pacific Ocean. The total land of the country is almost 270k sq km (103,500 square miles) It is split into two primary islands – the North Island and the South Island. There are also around 600 smaller isles. NZ is located over the Tasman Sea approximately 3kkm (2,000 miles) to the east of Australia and also around 900kms (600 miles south of New Caledonia. NZ has a varied topography with tall mountain peaks like the South Island alpine range that were created by tectonic uplift.
For other parts of the country you can find river plains, volcanic activity or rolling hills.
NZ is a commerce driven nation. It compares favourably among competing developed countries with regard to the nation’s results including all levels of education and learning, economic liberty, government transparency, and protection of constitutional freedoms.
The country’s highest populated urban area is Auckland but the capital city is the smaller city Wellington.
Due to its innovative economy, in 2018 New Zealand was rated in the top 3 in the EFI and 16th in the HDI. It is a higher income nation with a GDP of US$ 36,254 per capita.
Its commerce is dominated by the service industry followed by farming then the industrial industry. Tourism contributes a substantial almost 13 bn dollars (5.6%) to the overall GDP of the nation. Until in 2016 it employed approximately 7.5% of the country’s total workforce. Prior to the pandemic international tourist numbers are forecast to increase at a over 5% annually, nonetheless, pandemic constraints have battered the tourist sector to such an extent where it has practically been halted.
Extractive industries have been historically leading contributors to the economy with industries like whaling, kauri gum for paint, gold mining, flax, and also indigenous wood being the focus at various decades.
Dairy and meat exports to Britain was established in 1882 with the first shipment of New Zealand frozen lamb on the Dunedin. The basis of this trade spearheaded strong monetary growth for the country. During the 50s and 60s, an increased demand for farming produce from the United States as well as the United Kingdom led to greater standards of living for Kiwis that surpassed that of Western Europe and Australia. Succeeding central governments post 1984 have engaged in major economic changes that swiftly changed the nation from a very regulated and protected economic climate to a liberal, open market economy.
The economy of the country relies greatly on worldwide trading, particularly agricultural goods. Due to the fact that the export sector makes up nearly 24% of New Zealand’s economy, this places the nation in a susceptible position with regards to global financial downturns and also global commodity prices.
In 2014, food products comprised more than 50% of the value of the total New Zealand’s export trade and wood with around 7% coming in the second biggest.
Key trading partners feature China at NZD 27.8 billion, Australia at NZ$ 26.2 bn, the European Union with NZD 22.9 billion, the USA with NZD 17.6 bn, then Japan with NZD 8.4 billion.
The NZ-China FTA was agreed between New Zealand on the 7th April, 2008 becoming the first such arrangement to be authorised by the Chinese government with another developed country.
Milk goods accounted for over $14bbillion (almost 18%) of all exports in 2018. One company, Fonterra, manages practically a 3rd of the country’s global overseas trade.
Various other exports features meat at 8.8%, wood products and also timber at 6.2%, fruit at 3.6%, machinery at over 2%, wine at 2.1%. Following a similar pattern to the dairy products market, sales of wine virtually increased two-fold surpassing wool sales in 2007. During the global Covid-19, the bottled and bulk wine market enjoyed considerable sales increases with more NZ white wine being imported by various other nations.
Domestically the business community consists of generally small operators, 71% of them are sole traders with 19% employing between 1 and 5 staff.
Modern technology as well as the arts are developing industries. New Zealand has also earned global recognition for the digital effects and movie recording.
The largest metro area in the country, Auckland, has a population of one and a half million people out of a total population of just over 5million. The two regions of Christchurch and Wellington have a similar population of about 400,000.