New Zealand’s October trade report showed exports and imports both rising solidly from a year earlier, yet leaving the country with a monthly deficit of NZD -1.5B. Goods exports climbed 16% yoy to NZD 6.5B, driven by broad-based strength across key markets. However, imports grew nearly as fast—up 11% to NZD 8.0B—as demand for overseas goods remained firm, particularly from China.
Export performance was strong across most major destinations. Shipments to China rose 18% yoy, while exports to Australia increased 14%. Notably, exports to the EU surged 40%—a standout gain that helped offset softer growth in other regions. The U.S. and Japan also saw moderate increases of 5.4% and 7.5% respectively.
On the import side, the story was more uneven. Imports from China surged 29% yoy and those from Australia rose 6.8%, pushing the total higher even as purchases from several other partners fell. The U.S. and South Korea both saw sizeable declines in imports, down -15% and -19% respectively, while the EU recorded a small drop of -2.6%.
