New Zealand’s merchandise terms of trade fell 2.0% quarter-on-quarter in the three months to March 2026, reversing a 3.7% rise in the prior quarter and coming in worse than expectations of a 1.2% decline. The deterioration reflected weaker relative export prices, with export prices falling 2.7% compared with a 0.7% drop in import prices. In value terms, export values for goods grew 0.4% to $19.5 billion as export volumes rose 2.7%, while import values increased 2.7% to $21.1 billion as import volumes advanced 2.2%. The weaker terms of trade indicate a decline in purchasing power for New Zealand exporters and importers despite rising export and import volumes. source: Statistics New Zealand

Terms of Trade in New Zealand increased to 1593 points in the fourth quarter of 2025 from 1536 points in the third quarter of 2025. Terms of Trade in New Zealand averaged 1111.12 points from 1957 until 2026, reaching an all time high of 1593.00 points in the fourth quarter of 2025 and a record low of 796.00 points in the fourth quarter of 1975. This page provides - New Zealand Terms of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Terms of Trade - data, historical chart, forecasts and calendar of releases - was last updated on June of 2026.

Terms of Trade in New Zealand increased to 1593 points in the fourth quarter of 2025 from 1536 points in the third quarter of 2025. Terms of Trade in New Zealand is expected to be 1592.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Terms of Trade is projected to trend around 1586.00 points in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-03-03 09:45 PM
Terms of Trade QoQ
Q4 3.7% -2.1% -0.7% -0.6%
2026-06-02 10:45 PM
Terms of Trade QoQ
Q1 -2% 3.7% -1.2% -2.0%


Related Last Previous Unit Reference
Balance of Trade 1920.32 430.21 NZD Million Apr 2026
Capital Flows 3689.00 5552.00 NZD Million Dec 2025
Current Account -5984.00 -8357.00 NZD Million Dec 2025
Current Account to GDP -3.70 -4.70 percent of GDP Dec 2025
Exports 8620.11 7663.79 NZD Million Apr 2026
Foreign Direct Investment 2376.00 538.00 NZD Million Dec 2025
Imports 6699.79 7233.58 NZD Million Apr 2026
Terms of Trade 1561.00 1593.00 points Mar 2026
Tourism Revenues 4613.00 3300.00 NZD Million Dec 2025
Visitor Arrivals YoY 288546.00 358911.00 Apr 2026


New Zealand Terms of Trade
In New Zealand, Terms of Trade (ToT) correspond to the ratio of Price of exportable goods to the Price of importable goods.
Actual Previous Highest Lowest Dates Unit Frequency
1561.00 1593.00 1593.00 796.00 1957 - 2026 points Quarterly
NSA, 2002Q2=1000

News Stream
New Zealand Terms of Trade Drops More Than Expected
New Zealand’s merchandise terms of trade fell 2.0% quarter-on-quarter in the three months to March 2026, reversing a 3.7% rise in the prior quarter and coming in worse than expectations of a 1.2% decline. The deterioration reflected weaker relative export prices, with export prices falling 2.7% compared with a 0.7% drop in import prices. In value terms, export values for goods grew 0.4% to $19.5 billion as export volumes rose 2.7%, while import values increased 2.7% to $21.1 billion as import volumes advanced 2.2%. The weaker terms of trade indicate a decline in purchasing power for New Zealand exporters and importers despite rising export and import volumes.
2026-06-02
New Zealand Terms of Trade Beats Estimates in Q3
New Zealand’s merchandise terms of trade rose 3.7% quarter-on-quarter in the three months to December 2025, reversing the prior quarter’s 2.1% deterioration and way above expectations of a 0.7% drop. The improvement reflected stronger relative export prices, which rose 5.3%, against a 1.5% increase in import prices. In value terms, export values for goods rose 1.6% to $19.4 billion as export volumes fell 3.2%, while import values rose 5.3% to $20.5 billion as import volumes rose 5.8%. The stronger terms of trade indicate increased purchasing power for New Zealand exporters despite falling export volumes.
2026-03-03
NZ Terms of Trade Miss Expectations in Q3
New Zealand’s merchandise terms of trade fell 2.1% quarter-on-quarter in the three months to September 2025, reversing the prior quarter’s improvement and way below expectations of a 0.3% increase. The deterioration reflected weaker relative export prices, which fell 1.6%, against a 0.5% increase in import prices. In value terms, export values for goods rose 3.0% to $19.1 billion amid higher export volumes, while import values edged up 0.1% to $19.4 billion as import volumes fell 1.2%. The weaker terms of trade indicate reduced purchasing power for New Zealand exporters despite rising export volumes.
2025-12-01