New Zealand recorded a trade deficit of NZD 475 million in December 2022, the lowest in seven months, and below a NZD 990.3 million gap in December of 2021. Goods exports rose 11% to NZD 6.7 billion, led by milk powder, butter, and cheese; casein and caseinates; and wine. Meanwhile, goods imports increased at a slower 1.8% to NZD 7.2 billion, prompted by purchases of aircraft and parts. Considering full 2022, exports jumped 14% to NZD 72.2 billion, led by sales of dairy, meat and other animal products although many major export commodities eased in volume but saw price increases. Yet, sales of milk powder, butter, and cheese which account for 28% of total exports jumped 21% to reach a new high of NZD 20.6 billion. This increase was price driven, as quantities fell 7.3%. Total imports also rose sharply by 23% to NZD 86.7 billion amid high prices, pushing the 2022 trade deficit to NZD 14.5 billion, nearly twice the NZD 7.1 billion gap in 2021. source: Statistics New Zealand
Balance of Trade in New Zealand averaged -82.43 NZD Million from 1951 until 2022, reaching an all time high of 1374.02 NZD Million in April of 2020 and a record low of -2634.14 NZD Million in August of 2022. This page provides the latest reported value for - New Zealand Balance of Trade - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. New Zealand Balance of Trade - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.
Balance of Trade in New Zealand is expected to be -1000.00 NZD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Balance of Trade is projected to trend around -740.00 NZD Million in 2024 and -660.00 NZD Million in 2025, according to our econometric models.