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NZ trade with the Middle East
Despite representing just 3% of our total global exports, the Middle East is an important destination for New Zealand export trade. Primary markets for these exports are Saudi Arabia ($1.4bn) and the UAE ($1.5bn).
Dairy products are our primary export to the Middle East accounting for 70% ($2.4bn) of goods exports (particularly whole milk powder $1.2bn and butter $617mil).
Meat products represent New Zealand’s second largest export to the Middle East and account for just 2.6% of our total meat exports ($331mil).
The region is also a key source for fertilisers, representing 22% of New Zealand’s fertiliser imports. Industry have signalled sufficient stocks and supply.
New Zealand celebrated the entry into force of the NZ-UAE CEPA last year, after which goods exports to the UAE increased 49% over the first three months. New Zealand has completed an FTA with the Gulf Cooperation Council, but this has not yet been signed and ratified.
How are we responding?
An all of government Trade and Economic Team has been stood up to ensure government agencies are aware of immediate and longer-term exporter concerns and are able to support across industry sectors.
A Ministerial Oversight Group has been stood up with a focus on fuel, key goods and transport. It comprises the Minister of Finance, Minister for Energy, Associate Minister for Energy and Minister for Trade and Investment.
MBIE is holding regular meetings with the Fuel Sector Coordinating Entity to facilitate information exchange.
Support for NZ exporters
MPI is assisting primary sectors to manage any disruptions to consignments en route including through re-certification processes and various other issues.
The Ministry of Transport is holding regular interagency meetings with the Freight Advisory Council to ensure we are across the industry’s top concerns.
MFAT and NZTE are holding regular webinars to update exporters on the trade and economic impacts of the conflict and take questions. Those questions not addressed in the webinar will be followed up afterwards.
The next Webinar is scheduled for 20 March. The link to register will be live on the NZTE website early next week.
Helpful links
If you have any exporter queries you can also get in touch with the MFAT Trade team at GulfTradeEnquiries@MFAT.govt.nz
Market Intelligence Report – Trade and economic implications of the Iran conflict
Our weekly global economic report(external link) (economic reports) will also provide updates on the trade and economic impacts of the conflict