New Zealand Balance of Trade

Last Release

Mar 31, 2024

Actual

588

Units In

NZD Million

-315

Frequency

Monthly

Next Release

May 23, 2024

Time to Release

29 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
1,350.34 Apr 2020	-2,625 Aug 2022	-96.09 NZD Million	1951-2024	Statistics New Zealand

New Zealand is greatly dependent on international trade. New Zealand's economy has traditionally been based on a foundation of exports from its very efficient agricultural system: dairy products, meat, forest products, fruit and beverages. New Zealand imports mainly vehicles, machinery and equipment, petroleum, electronics, plastics and aircraft. Its main trading partners are: China, Australia, the US, Japan and South Korea.

Latest Updates

New Zealand's trade surplus narrowed sharply to $0.589 billion in March 2024 from $1.602 billion in the same month of the preceding year. Exports rose by 3.5% from a year earlier to $6.5 billion, as sales went up for fruits (+74 percent to $399 million); crude oil (266 percent to $150 million); log, wood, and wood articles (+19 percent to 482 million) and milk powder, butter, and cheese (+3.6 percent to $1.7 billion). Among major trading partners, exports increased to the USA (+8%) and the EU (+3.6%) while sales fell to China (-1.9%); Australia (-3.7%) and Japan (-15%). On the other hand, imports fell by 25% to $5.9 billion, as purchases declined for aircraft and parts (-91.8 percent to $36 million); petroleum and products (-31.1 percent to $872 million); vehicles, parts, and accessories (-28.4 percent to $713 million). Imports dropped from China (-20%); the EU (-43%) and Australia (-13%); the USA (-42%) and South Korea (-21%).