New Zealand's merchandise trade deficit narrowed from NZ$1,658 million in October to NZ$437 million in November. This compares with a deficit of NZ$1,259 in November 2023.

Exports rose 5.2 percent on the month in after an increase of 0.6 percent in November, and rose 9.1 percent on the year after previously advancing 4.6 percent. Fruit exports again rose very sharply on the year, with exports of dairy products and meat also recording solid increases. The increase in exports was broad-based across major trading partners, with exports to Australia, China, Japan, the European Union and the United States all rising on the year.

Imports advanced 1.6 percent on the month in November after increasing 2.4 percent in October, and fell 3.9 percent on the year after dropping 1.7 percent previously. Petroleum imports fell on the year, as did imports of vehicles, parts and accessories. Imports fell on the year from China, Japan and the European Union, offset by increases in imports from Australia and the United States.

The international trade balance measures the difference between imports and exports of both tangible goods and services. Imports may act as a drag on domestic growth and they may also increase competitive pressures on domestic producers. Exports boost domestic production. Trade balance values are calculated by deducting imports (cif) from exports (fob).

Changes in the level of imports and exports, along with the difference between the two (the trade balance) are a valuable gauge of economic trends here and abroad. While these trade figures can directly impact all financial markets, they primarily affect the value of the NZ dollar in the foreign exchange market. Imports indicate demand for foreign goods in New Zealand. Exports show the demand for NZ goods in countries overseas. The currency can be sensitive to changes in the trade deficit run by New Zealand since this trade imbalance creates greater demand for foreign currencies. The bond market is also sensitive to the risk of importing inflation.