New Zealand saw significant growth in its foreign trade in March 2025, with merchandise exports rising 19% year-on-year to NZ$7.6 billion. Imports also increased by 12%, reaching NZ$6.6 billion. This resulted in a monthly trade surplus of NZ$970 million, reflecting strong economic performance for the month.
Export Growth
New Zealand’s merchandise exports increased by NZ$1.2 billion in March 2025 compared to March 2024. Dairy products, particularly milk powder, butter, and cheese, contributed significantly to this growth, increasing in value by NZ$596 million (35%) to NZ$2.3 billion. Export Performance by Country
- China: Exports increased by 23%, increasing by NZ$371 million. Dairy products, fruit, and timber contributed to this growth.
- United States: Exports increased by 22%, with increases in meat, spirits, and timber exports.
- European Union: Exports grew by 51%, driven by increases in meat, machinery, and fruit exports.
- Japan: Exports increased by 11%, with increases in fruit and dairy exports.
- Australia: Exports decreased by 0.47%, with a decline in exports of machinery and electrical equipment.
Import Growth
New Zealand’s imports of goods increased by NZ$723 million in March 2025 compared to March 2024. Machinery and equipment, pharmaceuticals, and petroleum contributed to this growth.
Import Performance by Country
- China: Imports increased by 14%, with increases in petroleum and machinery imports.
- European Union: Imports increased by 19%, driven by a rise in imports of vehicles and pharmaceutical products.
- United States: Imports grew by 48%, with increases in imports of machinery and food waste.
- Australia: Imports rose by 5.2%, with increases in imports of pharmaceutical products and precious metals.
- South Korea: Imports decreased by 12%, with declines in imports of petroleum and vehicles.
Annual analysis through March 2025:
For the year ending March 2025, exports reached $74.1 billion, an increase of $5.1 billion over the previous year. Imports reached $80.2 billion, an increase of $1.3 billion, resulting in an annual trade deficit of $6.1 billion, compared to a deficit of $10 billion the previous year.
Trade Surplus
New Zealand’s trade balance recorded a surplus of NZ$970 million in March 2025, reflecting the strength of exports relative to imports. This surplus reinforces the stability of the New Zealand economy and indicates positive trade performance.
This data shows a marked improvement in New Zealand’s foreign trade, with strong growth in both exports and imports. This strong economic performance reflects the country’s ability to adapt to global challenges and strengthen its trading relationships with international partners.
Export Performance
Several commodities contributed to this growth, most notably:
- Milk powder, butter, and cheese, whose value increased by $596 million (35%).
- Edible meat and offal, up $286 million (34%).
- Fruits, up $271 million (74%).
- Machinery and mechanical equipment, up $93 million (50%).
On the other hand, some commodities saw a decline in exports, such as:
- Petroleum and petroleum products, down $111 million (72%).
- Casein and caseinates, down $39 million (28%).
- Precious metals, jewelry, and coins, down $27 million (22%).
Import Performance
Goods imports increased by $723 million (12%) in March 2025, compared to March 2024. Several commodities contributed to this increase, including:
- Petroleum and petroleum products, up $162 million (18%).
- Machinery and electrical equipment, up $137 million (27%).
- Machinery and mechanical equipment, up $91 million (11%).
- Pharmaceutical products, up $74 million (42%).
On the other hand, imports of some commodities decreased.
Vehicles, parts, and accessories, down $67 million (9.3%); fertilizers, down $52 million (44%); and inorganic chemicals, down $14 million (17%).
Quarterly and Annual Performance
In the first quarter of 2025, merchandise exports increased 11% ($2.0 billion) to $20.6 billion, compared to the quarter ending December 2024. Imports increased 4.1% ($818 million) to $20.6 billion. This resulted in a quarterly trade deficit of $41 million.
For the year ending March 2025, the value of annual merchandise exports reached $74.1 billion, an increase of $5.1 billion over the previous year. The value of annual merchandise imports reached $80.2 billion, an increase of $1.3 billion. Consequently, the annual trade deficit reached $6.1 billion, compared to a deficit of $10 billion in the fiscal year ending March 2024.
Main Trading Partners
New Zealand saw growth in its exports to several countries, most notably:
- China, where exports increased by $371 million (23%).
- The United States, up $176 million (22%).
- The European Union, up $223 million (51%).
- Japan, up $33 million (11%). In contrast, exports to Australia decreased by $3.7 million (0.47%).
The data shows an improvement in New Zealand’s trade performance, driven by increased exports and a reduced annual trade deficit. However, the New Zealand economy remains vulnerable to global fluctuations, such as commodity prices and changes in global demand. Therefore, it is important to monitor global economic developments and their impact on New Zealand’s foreign trade. Given these data, it can be argued that New Zealand is on a positive trajectory toward improving its trade balance, which will enhance its long-term economic stability.
