A systemic process is used to remanufacture scrap metal, such as aluminium, into new products. It is possible to recycle aluminium by remelting it, which is a more durable and less energy-intensive process than extracting it electrolytically from bauxite ore. However, this is also to be notified that recycling aluminium scrap requires about 5% of the energy needed to produce new aluminium.
Following a surge of 4.7% in 2021, New Zealand’s GDP is predicted to augment by 3.8% in 2022 before easing to 2.5% growth in 2023. Mathias Cormann, the Secretary-General of OECD, while presenting the survey alongside Finance Minister and Deputy Prime Minister Grant Robertson and Minister for the Digital Economy and Communications David Clark said, “The near-term economic outlook is positive. The New Zealand economy has recovered strongly from the pandemic. The need for policy action is pressing in several areas to make economic growth sustainable. For instance, helping the digital sector to grow would help boost labour productivity.”
“Linking pension eligibility to life expectancy and adopting long-term debt-to-GDP targets would help address the projected increase in government debt.”
The island country in the southwestern Pacific Ocean, New Zealand exported 62,703 tonnes of aluminium scrap during 2019-21, incurring revenue earnings of around $77.05 million.
In 2019, New Zealand exported aluminium scrap of 25,742 tonnes, counting a $37.97 million inflow of foreign revenue, whereas, in 2020, the export denoted aluminium scrap downfall by 0.23%, as the export volume dropped to 25,681 tonnes, while earnings plunged to $27.38 million.
New Zealand’s aluminium scrap export in 2021 illustrated a further decline of 56.07%, as the export volume signified a sharp fall to 11,280 tonnes, pulling down earnings of $11.70 million.
The aluminium scrap export in 2022 is analysed with another de-growth of 25.85%, as the export volume is anticipated to remain at 8364 tonnes and earnings to stand at $8.30 million.
The major trading destinations for New Zealand’s export aluminium scrap are Belgium, China, Greece, Indonesia, Japan, South Korea, Thailand, etc.
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