New Zealand’s trade deficit shrank to NZD 519 million in January 2026 from NZD 549 million in the same month a year earlier. Exports rose 2.6% to NZD 6.2 billion, due to meat and edible offal (38%), precious metals, jewellery, and coins (88%), ships, boats, and floating structures (390%), albumins, gelatin, glues, and enzymes (67%). Exports to China were down 7.0%, to Australia up 20%, to the European Union up 16% and to Japan up 11%. Imports rose 1.9% to NZD 6.7 billion, led by higher vehicles, parts and accessories, electrical machinery and equipment, precious metals, jewellery, and coins, iron and steel and articles. Imports from China increased 24%, from the EU 5.6%, the US fell 17% and South Korea rose 36%.