Final answer:
New Zealand's export income relies heavily on agricultural exports, with agricultural products making up a significant portion of their national income. Their fertile land and climate conditions favor agricultural activities including livestock and dairy production. While other industries exist, agriculture is the core contributor to New Zealand's export income.
Step-by-step explanation:
The export income of New Zealand is highly dependent on the sector of agricultural exports, which prominently includes livestock and dairy products among other agricultural commodities. The lush, fertile lands combined with a conducive climate for agricultural activities have historically positioned New Zealand as a major player in global agricultural markets. The country's economy has diversified in recent years, including tourism and other industries; however, agriculture remains a significant contributor to the nation's export income.
New Zealand's economy benefits from its natural resources, including not only agriculture but also forestry and marine resources due to its extensive coastline and large exclusive economic zones. While industries such as mining and manufacturing are present, they do not contribute as significantly to the nation's income as the primary sector does, where agricultural profits, although competitive, provide a substantial base for the economy.
The standard of living in New Zealand is relatively high, supported by the distribution of national wealth through the private sector economy, enabling a comfortable lifestyle akin to that of neighboring Australia. It is important to note that although New Zealand prioritizes agricultural exports, the profit margins for these products are normally low compared to other sectors, highlighting the competitive nature of the global agricultural market.