New Zealand’s Trade Deficit Narrows in November

New Zealand’s trade balance swung to a NZD 52 million surplus in December 2025 from a NZD 36 million surplus in the same month a year earlier. Exports rose 15.0% to NZD 7.7 billion, driven by milk powder, butter and cheese (up NZD 361m, +15%), meat and edible offal (up NZD 274m, +30%), precious metals (up NZD 223m, +172%) and aluminium (up 36%). Exports to Australia were up 26%, to the European Union up 31% and to Japan up 15%. Imports rose 15.0% to NZD 7.6 billion, led by higher electrical machinery and equipment, mechanical machinery and equipment, vehicles, parts and accessories, and petroleum and products. Imports from China increased 27%, from the EU 26%, the US fell 16% and South Korea rose 11%.

New Zealand’s trade deficit narrowed to NZD 163 million in November 2025 from NZD 450 million in the same month a year earlier. Exports rose 9.2% to NZD 7 billion, due to milk powder, butter (5.9%), Kiwifruit (29%), Apple (29%), Precious metal (106%). Exports to to Australia were up 31%, to the European Union up 51% and to Japan up 1.9%. Imports rose 4.4% to NZD 7.2 billion, led by higher petroleum and products, mechanical machinery and equipment, vehicles, part and accessories and aircraft and parts. Imports from China increased 1.7%, from the EU 17%, the US 36% and South Korea 20%.

New Zealand’s trade deficit narrowed to NZD 1.5 billion in October 2025 as export growth outpaced imports down from NZD 1.65 billion in the same month a year earlier. Exports rose 16% to NZD 6.5 billion, supported by milk powder, butter and cheese which increased 18% to NZD 2,096 million and by fruit which rose 45%. Exports to China were up 18%, to Australia up 14%, to the United States up 5.4%, to the European Union up 40% and to Japan up 7.5%. Imports rose 11% to NZD 8.0 billion, led by higher petroleum and products, fertilisers, mechanical machinery and electrical machinery. Imports from China increased 29%, from Australia 6.8%, while imports from the United States fell 15% and from South Korea fell 19%. For the year to October 2025 annual goods exports were NZD 79.4 billion, annual goods imports were NZD 81.6 billion and the annual trade deficit narrowed to NZD 2.3 billion from NZD 9.1 billion in the year ended October 2024.