The Opportunity Hidden in New Zealand’s Import Basket

India and New Zealand have concluded a free-trade agreement, but the numbers show that most benefits are still to come. In 2024-25, New Zealand imported about $711 million from India, compared with nearly $50 billion in total imports and over $10 billion from China alone. India’s exports remain small even in products where it is a major global supplier and New Zealand imports heavily, often sourcing from China instead.

An analysis of 2024 trade data, using a simple filter—India’s global exports above $200 million and New Zealand’s imports above $150 million—identifies many products where India’s export strength far exceeds its presence in New Zealand. This points to under-penetration, and highlights clear opportunities for growing exports.

India is a significant global exporter of bakery products, with exports of $602 million worldwide. New Zealand imports about $250 million of these goods annually, yet India supplies only $6.5 million, compared with $21 million from China.

The pattern repeats in food preparations: India exports $817 million globally, New Zealand imports $455 million, but India’s share is just $7.7 million.

In oil-cake and animal feed preparations, India’s global exports range from $382 million to $507 million, while New Zealand’s imports are $340 million to $379 million. India’s exports to New Zealand are negligible—between $0.1 million and $5 million—even though Chinese competition in these lines is minimal. This suggests an untapped market rather than one blocked by entrenched suppliers.

India is among the world’s largest exporters of refined petroleum products, with global exports of $69.2 billion. New Zealand imports about $6.1 billion worth of these products each year but sources only $2.3 million from India, while China supplies $181 million.

A similar gap exists in aluminium oxide. India exports more than $1.1 billion globally; New Zealand imports $255 million; yet India’s exports to New Zealand amount to just $0.2 million.

India’s export strength is clearest in medicines, with global exports of $20.6 billion. New Zealand imports nearly $962 million worth of medicines, but India supplies only $75 million, even though China exports just $9.6 million in this category.

In biologicals and vaccines, India exports $1.6 billion globally, New Zealand imports $328 million, and India exports only $5.2 million—another case of significant under-penetration.

Across plastic sheets, packaging and other plastic articles, India’s global exports range from $871 million to $1.37 billion, while New Zealand’s imports range from $189 million to $254 million. India’s exports to New Zealand remain below $3.5 million in each category, compared with $50 million to $139 million from China.

In new pneumatic tyres, India exports $2.9 billion globally and New Zealand imports $280 million, yet India supplies only $6.3 million, versus $120 million from China.

In women’s woven apparel, India’s global exports stand at $3.0 billion. New Zealand imports $179 million, but India supplies just $9.8 million, while China accounts for $112 million, despite India’s well-established competitiveness in garments.

India exports $5.0 billion worth of turbines globally, while New Zealand imports $1.54 billion. India’s exports amount to just $12.4 million, compared with $25.5 million from China.

The same pattern holds across pumps, process machinery, filters and centrifuges, and construction equipment. In each category, India’s global exports exceed $1 billion, New Zealand’s imports range from $170 million to $195 million, yet India supplies less than $4 million per product line.

India’s global exports of telecom equipment exceed $21.7 billion. New Zealand imports $1.3 billion, but India supplies only $7.6 million, while China exports $707 million.

Transformers, batteries, switchgear and cables show similar gaps: Indian global exports of $1–3 billion, New Zealand imports of $175 million to $300 million, and only marginal Indian participation.

India exports $6.9 billion of passenger vehicles globally, and New Zealand imports $3.1 billion. India supplies just $26.6 million, compared with $261 million from China.

In auto parts, India’s global exports exceed $7.4 billion, but exports to New Zealand are only $2.9 million, against $69.5 million from China.

India’s combined global exports of aircraft and aircraft parts exceed $7.0 billion. New Zealand imports $1.2 billion of aircraft and $243 million of aircraft parts, yet India’s exports are close to zero—even though Chinese competition is minimal. This represents a strategic, high-value opportunity if regulatory approvals, certification and standards recognition can be addressed.

India exports $1.19 billion of furniture globally, while New Zealand imports $303 million. India supplies only $3 million, compared with $211 million from China. Similar gaps exist in seating and lighting equipment.

The Policy Takeaway
For India, the challenge now is to pair the FTA with targeted export promotion, standards cooperation, regulatory facilitation and logistics support. For New Zealand, diversifying imports away from a single dominant supplier would strengthen supply-chain resilience. If implemented well, India could unlock substantial new trade across processed foods, pharmaceuticals, machinery, electronics, vehicles, aerospace components and furniture, transforming a modest trade relationship into a far deeper one.