New Zealand Trade Deficit Shrinks

New Zealand's trade surplus widened to NZD 1.92 billion in April 2026, up from NZD 1.20 billion in the same month a year earlier, beating estimates of a NZD 0.98 billion surplus. It marked the largest trade surplus on record, as exports rose more than imports. Exports increased 12% year-on-year to a record high NZD 8.6 billion, mainly driven by higher sales of precious metals, jewellery, and coins (149%); meat and edible offal (26%); milk powder, butter, and cheese (7.0%); and crude oil (388%). Among trading partners, exports grew to China (3.9%), Australia (27%), the US (19%), the EU (30%), and Japan (9.8%). Meanwhile, imports increased 3.4% yoy to NZD 6.7 billion, mainly boosted by higher purchases of mechanical machinery and equipment (10%), electrical machinery and equipment (22%), vehicles, parts, and accessories (16%), and precious metals, jewellery, and coins (76%). By source, imports rose from China (13%), South Korea (26%), and the EU (17%).

New Zealand posted a NZD 0.70 billion trade surplus in March 2026, shifting from an NZD 0.79 billion deficit in the same month a year earlier and beating estimates of a NZD 0.18 billion surplus. It marked the first trade surplus since last December, as both exports and imports increased. Exports rose 7.3% year-on-year to a record high of NZD 7.94 billion, mainly boosted by higher sales of precious metals, jewellery & coins (166%) and fruits (24%). Among trading partners, exports increased to China (11.1%), Australia (37.5%), Japan (4.1%), and the EU (14%). Meanwhile, imports grew 9.6% yoy to NZD 7.25 billion in March 2026, mainly driven by higher purchases of mechanical machinery and equipment (31%) and vehicle parts and accessories (28%). By source, imports rose from China (19.8%), South Korea (53.9%), Australia (26.5%), and the EU (17%). However, for Q1, the country registered a NZD 0.29 billion deficit, with exports rising 2.5%, less than imports, which increased 7.6%.

New Zealand’s trade deficit shrank to NZD 257 million in February 2026 from NZD 444 million in the same month a year earlier and beating estimates for a NZD 740 million deficit. Exports rose 0.4% to NZD 6.6 billion, due to meat and edible offal (11%), precious metals, jewellery, and coins (63%), ships, boats, and floating structures (152%), albumins, gelatin, glues, and enzymes (42%). Exports to China were down 3.6%, to Australia up 2.0%, to the European Union up 15% and to Japan down 14%. Imports rose 12% to NZD 6.9 billion, led by higher electrical machinery and equipment, precious metals, jewellery, and coins, food residues, wastes, and fodder, and pharmaceutical products. Imports from China increased 15%, from the EU 16%, the US rose 5.4% and South Korea rose 79%.