FX.co ★ New Zealand Trade Deficit Shrinks

New Zealand’s trade deficit narrowed to NZD 519 million in January 2026, from NZD 549 million in January 2025. Exports increased 2.6% to NZD 6.2 billion, driven primarily by higher shipments of meat and edible offal (up 38%), precious metals, jewellery, and coins (up 88%), ships, boats, and floating structures (up 390%), and albumins, gelatin, glues, and enzymes (up 67%).

By destination, exports to China fell 7.0%, while exports to Australia rose 20%, to the European Union 16%, and to Japan 11%.

Imports grew 1.9% to NZD 6.7 billion, led by increased purchases of vehicles, parts and accessories, electrical machinery and equipment, precious metals, jewellery, and coins, as well as iron and steel and related articles. Imports from China climbed 24% and from the European Union 5.6%, while imports from the United States declined 17%. Imports from South Korea surged 36%.