New Zealand’s trade deficit narrowed to NZD 0.578 billion in July 2025, down from NZD 1.022 billion a year earlier. Exports climbed 10% year-on-year to NZD 6.7 billion, supported by higher shipments of milk powder, butter, and cheese (up 17%), meat and edible offal (18%), precious metals, jewellery, and coins (69%), and milk, cereal, flour, and starch preparations (27%). Imports rose 2.3% to NZD 7.3 billion, driven by mechanical machinery and equipment (18%), vehicles and parts (13%), aircraft and parts (246%), and electrical machinery (5.8%). Export growth was broad, with shipments to China (7.1%), Australia (4.7%), the EU (28%), Japan (23%), and the US (7.7%) all increasing. Imports also rose from major trading partners, including China (6.9%), the EU (22%), Australia (2.7%), the US (24%), and South Korea (33%). Overall, strong global demand boosted key exports, while higher imports reflected growing purchases of machinery, vehicles, and equipment.