FX.co ★ New Zealand’s Trade Deficit Narrows in October

In October 2025, New Zealand witnessed a reduction in its trade deficit to NZD 1.5 billion as the growth in exports surpassed that of imports, a decrease from NZD 1.65 billion recorded in October of the previous year. There was a significant 16% rise in exports, totaling NZD 6.5 billion. This growth was chiefly driven by a robust increase in the export of milk powder, butter, and cheese, which saw an 18% hike to NZD 2,096 million, along with a 45% rise in fruit exports. Deliveries to China surged by 18%, Australia by 14%, the United States by 5.4%, the European Union by 40%, and Japan by 7.5%. On the import front, there was an 11% increase, reaching NZD 8.0 billion, primarily due to the higher influx of petroleum products, fertilizers, mechanical machinery, and electrical machinery. Imports from China increased by 29%, while those from Australia grew by 6.8%. However, imports from the United States and South Korea decreased by 15% and 19%, respectively. Over the year leading up to October 2025, annual goods exports amounted to NZD 79.4 billion, while annual goods imports were NZD 81.6 billion. Consequently, the annual trade deficit decreased to NZD 2.3 billion, compared to NZD 9.1 billion for the year ending in October 2024.