NEWS: MFAT - Market Intelligence Report 

New Zealand Ministry of Foreign Affairs & Trade

 

The Aotearoa New Zealand-United Arab Emirates (UAE) two way goods trade experienced a 43% decrease in 2022 (NZ$1.89 billion) from 2021’s NZ$3.33 billion. This has already resulted in the UAE dropping from New Zealand’s 10th largest two-way trading partner to the 16th largest.

The drop was largely due to a 65% (NZ$1.5 billion) decrease in oil imports from the UAE (being only NZ$350,000 in the second half of 2022), after the April 2022 closure of New Zealand’s only oil refinery, Marsden Point. This figure will likely go to almost zero going forward. The refinery was largely calibrated to refine Gulf crude oil (note the constitution of crude oil differs greatly between regions) and for most of the previous decade, Marsden sourced its supply of crude oil from the UAE. Given this context, the significant impact on UAE oil imports to New Zealand in the two-way trade statistics is therefore unsurprising.

Read more here. . . Market Intelligence Report