Due to increased agricultural commodity exports, New Zealand's trade balance has so far decreased in 2025.

This January, the deficit was $486 million, less than half of the balance in January 2024, according to figures released by Stats NZ today. 

January total exports were valued at $6.2 billion, an increase of $1.4 billion compared to January 2024. Imports were valued at $6.7 billion, an increase of $787 million over the same period.

Leading the increase in exports this month were milk powder, butter, and cheese, up $787 million, and meat. Fruit exports saw an increase of $31 million. 

China was New Zealand's major exporting partner this month, with exports to the country rising by 27%, or $377 million, followed by the United States, where exports rose nearly 50%; Australia where exports rose 24%, EU exports increased by 27%, and Japan exports were 30%. 

Mechanical machinery and equipment led the increase in imports, up $338 million or 46% from last year.