FX.co ★ New Zealand Trade Surplus Doubles in March

In March 2025, New Zealand reported a trade surplus of $970 million, more than double the $476 million surplus from the same period last year. Exports rose by 19% year-over-year, reaching $7.6 billion, driven by robust demand for key commodities. This included milk powder, butter, and cheese, which increased by 35%; meat and edible offal by 34%; fruit by 74%; and mechanical machinery and equipment by 50%. Meanwhile, imports rose at a more modest pace of 12%, totaling $6.6 billion. This growth was primarily due to increases in petroleum and related products by 18%, electrical machinery and equipment by 27%, mechanical machinery and equipment by 11%, and pharmaceutical products by 42%. Exports to major trading partners also saw significant growth, with exports to China up by 23%, the US by 22%, the EU by 51%, and Japan by 11%, although exports to Australia declined slightly by 0.5%. On the import side, New Zealand experienced increases from the US (48%), the EU (19%), China (14%), and Australia (5.2%), while imports from South Korea decreased by 12%.