| Actual | Previous | Revised | |
| Balance | NZ$698M | NZ$-257M | NZ$-365M |
| Imports - M/M | -3.7% | 5.8% | |
| Imports - Y/Y | 9.6% | 11.8% | 11.7% |
| Exports - M/M | 5.8% | -1.5% | |
| Exports - Y/Y | 7.3% | 0.4% | -1.3% |
Highlights
New Zealand's merchandise trade balance shifted from a deficit of NZ$365 million in February to a surplus of NZ$698 million in March. This compares with a surplus of NZ$790 million in March 2025. Exports rose on the month but imports dropped sharply.
Exports rose 5.8 percent on the month in March after falling 2.3 percent in February, with year-over-year growth rebounding from a fall of 1.3 percent to an increase of 7.3 percent. Exports of fruit rose at a strong pace, with meat, forestry products and dairy products also up on the year. Exports were solid across most major trading partners, with strong demand from Australia, the European Union, and China offdset by a fallin exports to the the United States.
Imports fell 3.7 percent on the month in March after increasing 5.7 percent in February, and rose 9.6 percent on the year after a previous increase of 11.7 percent. Imports of mechanical machinery and equipment and motor vehicles drove the headline increase but fuel imports fell sharply. Strong growth in imports were recorded from most major trading partners.
Definition
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).
Description
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.