New Zealand Trade Surplus Narrows in May

New Zealand's trade surplus declined to NZD 0.8 billion in May 2026, down from NZD 1.1 billion in the same month a year earlier and slightly below estimates of NZD 0.875 billion, as exports rose less than imports. Exports grew 18.1% year-on-year to a record high of NZD 8.9 billion, mainly driven by higher sales of milk powder, butter, and cheese (6.9%), precious metals, jewellery, and coins (54.4%); meat and edible offal (42.8%), and fruit (11.2%). Among trading partners, exports to China rose 10.3%, while shipments to Australia, the US, Japan, and the EU increased by 32.9%, 28.7%, 30.8%, and 15.2%, respectively. Meanwhile, imports jumped 25.9% year-on-year to NZD 8.1 billion, mainly driven by higher purchases of petroleum and petroleum products (up 104.1%), electrical machinery and equipment (18.5%), vehicles, parts, and accessories (36.6%). By source, imports rose from China (18.9%), Australia (20.0%), the US (17.9%), South Korea (78.7%), and the EU (15.0%).

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%.