New Zealand's trade surplus widened to NZD 1.92 billion in April 2026, up from NZD 1.20 billion in the same month a year earlier, beating estimates of a NZD 0.98 billion surplus. It marked the largest trade surplus on record, as exports rose more than imports. Exports increased 7.3% year-on-year to a record high NZD 8.6 billion, mainly driven by higher sales of precious metals, jewellery, and coins (149%); meat and edible offal (26%); milk powder, butter, and cheese (7.0%); and crude oil (388%). Among trading partners, exports grew to China (3.9%), Australia (27%), the US (19%), the EU (30%), and Japan (9.8%). Meanwhile, imports increased 3.4% yoy to NZD 6.7 billion, mainly boosted by higher purchases of mechanical machinery and equipment (10%), electrical machinery and equipment (22%), vehicles, parts, and accessories (16%), and precious metals, jewellery, and coins (76%). By source, imports rose from China (13%), South Korea (26%), and the EU (17%).