Cook Is. Import Data

Cook Islands Trade Overview and Market Analysis 2023

Imports & Exports

• Top Trade Partners: The Cook Islands primarily trade with New Zealand, Australia, and the United States, reflecting strong regional ties and economic dependencies.

• Top 5 Imports: Petroleum products, machinery, vehicles, foodstuffs, and pharmaceuticals. These account for a significant portion of the total import bill, highlighting the island's reliance on external supplies.

• Top 5 Exports: Pearl oysters, copra, vanilla, handicrafts, and seafood. Exports are dominated by natural and cultural resources, reflecting the country's focus on leveraging its unique assets.

• Trade Balance: The Cook Islands experiences a trade deficit, with imports far outweighing exports. This deficit is managed through tourism revenue and aid from New Zealand, among other sources.

• Trade Policies: The country adheres to the Pacific Agreement on Closer Economic Relations (PACER Plus), which aims to enhance economic integration and trade facilitation within the Pacific region.

Market Conditions

• Consumer Spending: Consumer spending is robust, driven by tourism and remittances. However, high living costs and limited job opportunities can constrain spending power for the local population.

• Interest Rates & Inflation: The Cook Islands operate with a relatively stable inflation rate, influenced by New Zealand's economic policies. Interest rates are set to keep the economy balanced and encourage investment.

• Supply Chain Dynamics: Supply chain resilience is a critical concern, given the country's dependency on imports. Efforts are being made to diversify suppliers and improve logistics efficiency.

• Sector Performance: Tourism is the mainstay of the economy, with significant contributions from fishing and agriculture. The government is also promoting sustainable industries and digitization to boost economic diversification.

Overall Outlook

The Cook Islands' economy is poised for growth, leveraging its natural beauty and cultural richness to attract investment and tourists. However, challenges such as climate change and economic diversification remain key areas for policy focus.