New Zealand Balance of Trade

New Zealand’s trade balance swung to a surplus of $510 million in February 2025, reversing the $315 million deficit from the same month a year earlier. Goods exports surged 16% to $6.7 billion, driven by sharp increases in shipments of milk powder, butter, and cheese (27%); meat and edible offal (28%); preparations of milk, cereals, flour, and starch (61%); and fruit (122%). Imports rose more modestly by 2.1% to $6.2 million, with significant growth in mechanical machinery and equipment (21%); fertilizers (543%); aircraft and parts (112%); and iron and steel products (17%). Exports increased across key markets, rising 16% to China, 17% to Australia, 37% to the European Union, and 7.4% to Japan, while exports to the United States declined by 5.5%. Among top trade partners, imports rose by 3.8% from China and 41% from the United States, while falling 3.3% from the European Union, 9.3% from Australia, and 57% from South Korea.