Agriculture Export Growth Narrows Goods Trade Deficit

The trade balance for the January 2025 month was a deficit of $486 million, according to figures released by Stats NZ today.

In the January 2024 month, the deficit was $1.1 billion.

Total exports were valued at $6.2 billion in January 2025, an increase of $1.4 billion when compared with January 2024. Imports were valued at $6.7 billion, an increase of $787 million over the same period.

The narrowing of the deficit in January 2025, compared with the same month last year, was driven by agricultural commodity exports.

Leading the increase in exports this month were milk powder, butter, and cheese (up $787 million), and meat (up $178 million).

Milk powder, butter, and cheese exports were valued at $2.55 billion in the January 2025 month, its highest monthly value on record. This increase was led by milk powder (up $339 million), milk fats including butter (up $243 million), and cheese (up $115 million).

"Butter export value reached a record high this month, driven by higher butter prices," international accounts spokesperson Viki Ward said.

"Higher prices also boosted milk powder export value."

Meat also contributed to the increase in exports value, up $178 million to $811 million. Beef export value was up $108 million, while for sheep meat this was up $66 million.

"The rise in both beef and sheep meat export values were price driven," Ward said.

Other commodities to have increased export values in January were logs, wood, and wood articles (up $64 million), wine (up $62 million), and fruits (up $31 million).