New Zealand’s June trade surplus narrows as exports jump 25%

New Zealand’s goods‑trade surplus fell sharply to NZ$23 million in June, far below the revised NZ$577 million recorded in May. Exports rose 25% year‑on‑year to NZ$8.1 billion, while imports grew 28% to the same level, indicating robust activity on both sides of the ledger. Export growth was broad‑based, with shipments to China up 24% and to the United States surging 43%, while trade with Australia, the EU and Japan also increased. Imports were led by higher purchases of machinery, vehicles and petroleum products from China, the EU, Australia and South Korea.

Despite the modest monthly surplus, the New Zealand dollar slipped as broader US‑dollar strength, driven by the escalating US‑Iran conflict, outweighed the trade data. Analysts note that the kiwi remains more exposed to global risk sentiment than to its own trade fundamentals, with the annual trade deficit still deep at NZ$3.75 billion.