New Zealand’s external sector showed resilience in March, with goods exports rising by 7.3% yoy to NZD 7.9B, outpacing imports which increased by 9.6% yoy to NZD 7.2B. The result was a monthly trade surplus of NZD 698M, larger than expectation of NZD 175M.
Export growth was led by strong demand from key partners, particularly Australia and China. Shipments to Australia surged by 38%, while exports to China rose by 11%, reinforcing Asia-Pacific demand as a key pillar for New Zealand’s trade performance. Gains were also seen in exports to the EU (+14%) and Japan (+4.1%), though a decline in shipments to the US (-5.9%) partially offset the overall momentum.
On the import side, increases were broad-based and more pronounced, with China, Australia, and South Korea leading the gains. Imports from China jumped 20%, while purchases from South Korea surged 54%.
| Data | Latest |
|---|---|
| Goods Exports | +542M (+7.3%) |
| Goods Imports | +634M (+9.6%) |
| Trade Balance | +698M surplus |
| Exports to China | +213M (+11%) |
| Exports to Australia | +289M (+38%) |
| Exports to USA | -56M (-5.9%) |
| Exports to EU | +89M (+14%) |
| Exports to Japan | +13M (+4.1%) |
| Imports from China | +255M (+20%) |
| Imports from EU | +152M (+17%) |
| Imports from Australia | +184M (+27%) |
| Imports from USA | -95M (-13%) |
| Imports from South Korea | +180M (+54%) |
