New Zealand's trade surplus declined to NZD 0.8 billion in May 2026, down from NZD 1.1 billion in the same month a year earlier and slightly below estimates of NZD 0.875 billion, as exports rose less than imports. Exports grew 18.1% year-on-year to a record high of NZD 8.9 billion, mainly driven by higher sales of powder, butter, and cheese (6.9%) and aluminium (23%). Among trading partners, exports to China rose 10.0%, while shipments to Australia, the US, Japan, and the EU increased by 33%, 29%, 31%, and 15%, respectively. Meanwhile, imports jumped 25.9% year-on-year to NZD 8.1 billion, mainly driven by higher purchases of petroleum and petroleum products (up 104%). By source, imports rose from China (19%), Australia (20%), the US (18%), South Korea (79%), and the EU (15%).