New Zealand’s merchandise terms of trade dropped 9.0% quarter-on-quarter in the three months to June 2026, following a downwardly revised 1.9% fall in the prior quarter and coming in worse than expectations of a 2.2% decline. The deterioration reflected higher relative export prices, with export prices rising 3.5% compared with a 13.8% jump in import prices. In value terms, export values rose 6.7% to $21.2 billion as export volumes increased 6.4%, while import values grew 7.1% to $22.8 billion despite import volumes falling 2.1%. source: Statistics New Zealand

Terms of Trade in New Zealand decreased to 1561 points in the first quarter of 2026 from 1593 points in the fourth quarter of 2025. Terms of Trade in New Zealand averaged 1112.24 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 September of 2026.

Terms of Trade in New Zealand decreased to 1561 points in the first quarter of 2026 from 1593 points in the fourth quarter of 2025. Terms of Trade in New Zealand is expected to be 1553.00 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 1556.00 points in 2027 and 1555.00 points in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-02 10:45 PM
Terms of Trade QoQ
Q1 -2% 3.7% -1.2% -2.0%
2026-09-02 10:45 PM
Terms of Trade QoQ
Q2 -9% -1.9% -2.2% -1.1%


Related Last Previous Unit Reference
Balance of Trade -1949.00 -237.00 NZD Million Jul 2026
Capital Flows -6107.00 2082.00 NZD Million Mar 2026
Current Account -1008.00 -5639.00 NZD Million Mar 2026
Current Account to GDP -3.70 -4.70 percent of GDP Dec 2025
Exports 7391.00 7832.00 NZD Million Jul 2026
Foreign Direct Investment 4029.00 2003.00 NZD Million Mar 2026
Imports 9340.00 8069.00 NZD Million Jul 2026
Terms of Trade 1421.00 1562.00 points Jun 2026
Tourism Revenues 7035.00 4617.00 NZD Million Mar 2026
Visitor Arrivals YoY 201885.00 203308.00 Jun 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
1421.00 1562.00 1593.00 796.00 1957 - 2026 points Quarterly
NSA, 2002Q2=1000

News Stream
New Zealand Terms of Trade Falls More Than Expected
New Zealand’s merchandise terms of trade dropped 9.0% quarter-on-quarter in the three months to June 2026, following a downwardly revised 1.9% fall in the prior quarter and coming in worse than expectations of a 2.2% decline. The deterioration reflected higher relative export prices, with export prices rising 3.5% compared with a 13.8% jump in import prices. In value terms, export values rose 6.7% to $21.2 billion as export volumes increased 6.4%, while import values grew 7.1% to $22.8 billion despite import volumes falling 2.1%.
2026-09-02
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