Merchandise trade balance in New Zealand

The merchandise trade balance measures the difference between New Zealand's goods exports and imports in the month. A positive balance is a surplus, a negative one a deficit. The New Zealand economy relies heavily on exports of primary products (dairy, meat, timber).

Stats NZ collects the month's customs records of exports (fob) and imports (cif) and publishes both the monthly balance and the rolling twelve-month total, in millions of New Zealand dollars.

A deterioration in the balance (more imports or fewer exports) tends to weaken the New Zealand dollar (NZD), while a surplus or an improvement supports it. It is particularly sensitive to dairy prices and the global commodity cycle.

It covers goods trade only, not services or tourism. The monthly figures are very volatile owing to seasonality and one-off shipments of high-value capital goods such as aircraft.