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The national currency is called the New Zealand Dollar, or Kiwi Dollar. New Zealand’s economy is based on a free trade system, with much of its overall influences coming from Australia. Given the fact that it is a small country encompassing some islands as well, it was hard focusing on considerable exports. But the economy grew nonetheless, with a major rise in exports when refrigerated oversea transport systems were introduced.

It mainly delivered dairy products to Great Britain until the later joined the European Community. In 1987, New Zealand experienced a share market crash which led to increased unemployment rates. Even so, currently, New Zealand has an unemployment rate of only 6.7%.

One of the biggest downsides is that the country started experiencing huge brain drains from the 1970s until recent years. A brain drain is the instance where educated masses and professionals in certain fields leave the country to work in more developed nations. Recent years have brought of turn of the situation, called brain gains – but not considerable enough yet.

Due to its location and relatively small size, New Zealand is pretty much vulnerable in terms of import needs – most of its market comes from imports. It also exports in fields like agriculture, forestry, fishing and horticulture. Mining is also a strong export practice with an emphasis on gold exports.

New Zealand is the first developed country with which China signed a free trade agreement. Wool is one of New Zealand’s most profitable exports starting with 2007 when it overcame even wine exports.