New Zealand’s trade deficit narrowed to NZD 163 million in November 2025 from NZD 450 million in the same month a year earlier. Exports rose 9.2% to NZD 7 billion, due to milk powder, butter (5.9%), Kiwifruit (29%), Apple (29%), Precious metal (106%). Exports to to Australia were up 31%, to the European Union up 51% and to Japan up 1.9%. Imports rose 4.4% to NZD 7.2 billion, led by higher petroleum and products, mechanical machinery and equipment, vehicles, part and accessories and aircraft and parts. Imports from China increased 1.7%, from the EU 17%, the US 36% and South Korea 20%.