New Zealand’s trade balance in September 2024 showed a deficit of NZD -2.1B. Goods exports rose by NZD 246m, or 5.2% yoy, reaching NZD 5.0B. Meanwhile, goods imports fell by NZD -67m, or -0.9% yoy, to NZD 7.1B.
Export data showed mixed performance across key trading partners. Exports to China dropped significantly by NZD -109m (-8.8%), and Japan saw a decline of NZD -22m (-8.2%). Exports to Australia also fell NZD -7m or -0.9%. However, exports to the EUR surged by NZD 183m (67%), while exports to the US also increased by NZD 11m (1.9%).
On the import side, the decline was driven by a significant drop in imports from China, down by NZD -158m (-9.8%). Imports from the US surged, rising NZD 330m (51%), while imports from Australia and the EU saw marginal gains of 0.9% and 1.1% respectively. South Korea’s imports fell by NZD -45m (7.3%).
