The NZ Parliamentary Library produced some data on the New Zealand’s trade with Russia. The most recent figures for the December 2021 quarter are:
Exports of goods and services to Russia – $75 million
Imports goods and services from Russia – $14 million
Total dairy exports to Russia were $168.9 million for the year ending June 2021. Of this total, butter represented $147.9 million, comprising 5.5% of New Zealand’s total for this commodity – Russia was New Zealand’s 4th largest butter destination in 2021.
Trade with Russia 2019 – 2021
Exports are mainly made up of dairy whilst imports are mineral fuels and oils – crude oil (well over 90%) and Russia was a moderately important source of crude oil imports (16% of New Zealand’s crude imports in 2020). With Marsden Point oil refinery coming offline in April, Korea and Singapore will in future become the main source of refined fuel. The last significant crude oil shipment from Russia was in January 2021. As at 31 March 2021 New Zealand’s total investment in Russia was worth $14 million, a decline from $48 million as at 31 March 2020. During the same period total Russian investment in New Zealand increased from $29 million to $40 million. The graphic on the right (click on it to expand) shows the origin of imports into New Zealand in 2020. Note that Russia has 0.53% of all imports into NZ.
The largest economic impact on New Zealand of the invasion would therefore be mainly indirect, through higher import fuel and commodity prices, instability of financial markets, and the impact on global economic activity.
- Potential impacts of the Russian Invasion of Ukraine on the New Zealand economy, February 2022. New Zealand Foreign Affairs.
- New Zealand Parliamentary Library – Monthly Economic Review March 2022.
For more on Trade view the key notes (accompanied by fully coloured diagrams/models) on elearneconomics that will assist students to understand concepts and terms for external examinations, assignments or topic tests.