New Zealand’s merchandise terms of trade rose 4.1% quarter-on-quarter in the three months to June 2025, accelerating from a 1.9% increase in the first quarter and beating market forecasts of 1.9%. The improvement reflected stronger relative export prices, which edged up 0.2%, against a sharper 3.7% fall in import prices, partly driven by lower fuel and consumer goods costs. In value terms, exports declined 4.8% to $18.6 billion amid softer dairy and meat shipments, while imports slipped 1.2% to $19.4 billion as demand for capital goods eased. The stronger terms of trade indicate improved purchasing power for New Zealand exporters despite weaker trade volumes.