| Actual | Previous | Revised | |
| Balance | NZ$-1,949M | NZ$23M | NZ$-237M |
| Imports - M/M | 2.9% | -1.6% | -1.3% |
| Imports - Y/Y | 28.4% | 27.6% | 27.5% |
| Exports - M/M | -2.8% | 5.5% | 3.1% |
| Exports - Y/Y | 13.5% | 24.8% | 20.8% |
Highlights
New Zealand's merchandise trade deficit widened from NZ$237 million in June to NZ$1,949 million in July. This compares with a deficit of NZ$762 million in July 2025. Exports fell on the month for the first time since February but imports rose after a previous decline.
Exports fell 2.8 percent on the month in July after advancing 3.1 percent in June, with year-over-year growth slowing from 20.8 percent to 13.5 percent. Exports of meat and fruit recorded strong increases, with exports of dairy and forestry products recording smaller increases. Exports were also solid across most major trading partners, with stronger-than-headline growth in exports to China and the United States.
Imports rose 2.9 percent on the month in July after falling 1.3 percent in June, and rose 28.4 percent on the year after a previous increase of 27.5 percent. The value of petroleum imports again recorded very strong growth, reflecting the impact of the Iran conflict. Growth was solid across most major trading partners with the exception of the United States.