New Zealand: Tractor Market 2024

Tractor Market Size in New Zealand

In 2022, the New Zealand tractor market increased by 2.9% to $X, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a relatively flat trend pattern. Tractor consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Tractor Production in New Zealand

In value terms, tractor production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by 33% against the previous year. Tractor production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Tractor Exports

Exports from New Zealand

In 2022, approx. X units of tractors were exported from New Zealand; growing by 9.5% on 2021 figures. Overall, exports, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 45% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, tractor exports dropped remarkably to $X in 2022. Over the period under review, exports, however, showed a noticeable setback. The growth pace was the most rapid in 2020 when exports increased by 163%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Fiji (X units) was the main destination for tractor exports from New Zealand, with a 21% share of total exports. Moreover, tractor exports to Fiji exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was taken by Australia (X units), with a 5.1% share.

From 2012 to 2022, the average annual growth rate of volume to Fiji amounted to +10.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+22.0% per year) and Australia (-0.8% per year).

In value terms, the largest markets for tractor exported from New Zealand were Fiji ($X), Australia ($X) and Tuvalu ($X), with a combined 35% share of total exports. These countries were followed by Cook Islands, French Polynesia, the United States, Vanuatu, the UK and Norfolk Island, which together accounted for a further 7%.

Among the main countries of destination, the United States, with a CAGR of +25.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average tractor export price stood at $X per unit in 2022, waning by -39.7% against the previous year. Overall, the export price, however, saw modest growth. The growth pace was the most rapid in 2020 when the average export price increased by 110%. As a result, the export price attained the peak level of $X per unit. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Norfolk Island ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Papua New Guinea (+23.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tractor Imports

Imports into New Zealand

In 2022, supplies from abroad of tractors increased by 23% to X units, rising for the second year in a row after two years of decline. In general, total imports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +98.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, tractor imports rose remarkably to $X in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 76%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), Japan (X units) and Italy (X units) were the main suppliers of tractor imports to New Zealand, together accounting for 22% of total imports. The United States, South Korea, France, the UK, Australia, India, China, Austria and Indonesia lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +52.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of tractors to New Zealand, comprising 14% of total imports. The second position in the ranking was held by Australia ($X), with a 6.1% share of total imports. It was followed by France, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value from Germany stood at +1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (+33.9% per year) and France (+0.4% per year).

Import Prices by Country

The average tractor import price stood at $X per unit in 2022, which is down by -12.8% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 12% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2021, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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