Goods: Physical, produced items over which ownership rights can be established and whose ownership can be passed from one person to another through transactions.
Imports of goods are published on a value for duty (vfd) basis in the goods and services trade release, rather than on a cost, insurance, and freight (cif) basis. This is because insurance and freight is included as part of imports of services data, and we would be double-counting these items if we combined cif imports with services information. Exports of goods (including re-exports) are 'free on board' (fob), which is the value of goods at New Zealand ports before export.
Services: Products other than tangible goods. Services result from production activity that changes the conditions of the consuming units, or makes the exchange of products or financial assets possible.
Total Exports: Calculated by adding goods exports and services exports. It includes re-exports.
Total Imports: Calculated by adding goods imports and services imports.
Total Two-Way Trade: Calculated by adding total exports and total imports.
Combining services data with overseas merchandise trade information provides a picture of New Zealand's total international trade. Note that combining services data with merchandise trade data will not equal international trade as measured in our balance of payments releases. This is because Stats NZ make adjustments (such as for changes of ownership) to merchandise trade data when it is included in the balance of payments.
Trade in services includes transactions where no physical product changes hands, for example a New Zealand lawyer who provides advice to a client overseas or an overseas head office charging a management fee to its New Zealand branch.
Goods and services trade by country statistics bring together imports and exports of both goods and services by country to present a comprehensive view of economic trade between New Zealand and our main trading partners.