FX.co ★ New Zealand Export Volumes Swing Into Decline in Q4 2025

New Zealand’s export volumes registered a sharp turnaround in the fourth quarter of 2025, with the Terms of Trade – Exports Volume indicator dropping to -3.2% quarter-over-quarter, according to data updated on 3 March 2026. This follows a robust 3.4% increase in the third quarter of 2025, highlighting a notable reversal in export momentum.

The indicator compares the change in export volumes from one quarter to the next. The latest reading shows that, after expanding in Q3 2025 versus the previous quarter, export volumes contracted in Q4 2025 compared with Q3. The shift from positive to negative growth suggests a weakening in New Zealand’s export performance at the end of the year, potentially signaling softer external demand or supply-side constraints heading into 2026.