New Zealand’s trade deficit narrowed to NZD 257 million in February 2026, down from NZD 444 million in the same month a year earlier and coming in well below market expectations of a NZD 740 million shortfall.
Exports edged up 0.4% to NZD 6.6 billion, supported primarily by higher shipments of meat and edible offal (up 11%), precious metals, jewellery, and coins (up 63%), ships, boats, and floating structures (up 152%), and albumins, gelatin, glues, and enzymes (up 42%). By destination, exports to China fell 3.6%, exports to Australia rose 2.0%, exports to the European Union increased 15%, and exports to Japan declined 14%.
Imports rose 12% to NZD 6.9 billion, driven by increased purchases of electrical machinery and equipment; precious metals, jewellery, and coins; food residues, wastes, and fodder; and pharmaceutical products. By source, imports from China were up 15%, from the European Union 16%, from the United States 5.4%, and from South Korea 79%.