New Zealand’s trade deficit narrowed to NZD 1.4 billion in September 2025, down from NZD 2.2 billion in the same month a year earlier, as export growth far outpaced imports. Exports jumped 19% to NZD 5.8 billion, supported by strong overseas demand for milk powder, butter, and cheese (up 27%) and kiwifruit (up 36%). Among key trading partners, exports rose notably to China (24%), Australia (28%), the United States (10%), the European Union (15%), and Japan (23%). Meanwhile, imports increased at a slower pace of 1.6% to NZD 7.2 billion, driven mainly by a 35% rise in vehicle, parts, and accessories purchases. Imports were higher from China (16%), the EU (7.3%), and Australia (6.4%), but fell sharply from the US (-30%) and South Korea (-4.8%). Considering January-September 2025, the annual trade deficit narrowed to NZD 0.2 billion, a significant improvement from NZD 5.8 billion in the previous year, as export growth continued to outstrip imports.