Overseas Merchandise Trade 30 January

Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

Key facts

This release refers to trade in goods only.

In December 2024, compared with December 2023:

• goods exports rose by $995 million (17 percent), to $6.8 billion
• goods imports rose by $404 million (6.5 percent), to $6.6 billion
• the monthly trade balance was a surplus of $219 million.

Text alternative for Goods exports and imports, December 2024 month compared with December 2023 month

Exports

Goods exports rose by $995 million (17 percent) in December 2024 (to $6.8 billion), compared with December 2023.

Milk powder, butter, and cheese lead exports rise

Milk powder, butter, and cheese rose $689 million (39 percent), to $2.4 billion.

Other dairy-based products, including infant formula, rose this period, and casein and caseinates fell during this period.

Infant formula is included in preparations of milk, cereals, flour, and starch, which rose $63 million (28 percent), to $289 million.

Meat rose $158 million (20 percent), to $941 million.

Top monthly export movements by country

The monthly movements in December 2024, compared with December 2023, for our top export partners (in order of total annual goods exports) were:

• China: total exports were up $342 million (22 percent).
  • The largest rises were milk powder, butter, and cheese, up $265 million; preparations of milk, cereals, flour, and starch, up $53 million; and crude oil, up $31 million.
  • The largest fall was casein and caseinates, down $25 million.
• Australia: total exports were up $64 million (8.7 percent).
  • The largest rises were milk powder, butter, and cheese, up $35 million; precious metals, jewellery, and coins, up $29 million; and vehicles, parts, and accessories, up $19 million.
  • The largest fall was crude oil, down $71 million.
• USA: total exports were up $82 million (11 percent).
  • The largest rises were meat and edible offal, up $87 million; mechanical machinery and equipment, up $34 million; and milk powder, butter, and cheese, up $17 million.
  • The largest falls were wine, down $46 million; casein and caseinates, down $17 million; and animal or vegetable fats and oils, down $15 million.
• EU: total exports were up $110 million (39 percent).
  • The largest rises were milk powder, butter, and cheese, up $31 million; aluminium and aluminium articles, up $18 million; and fish, crustaceans, and molluscs, up $16 million.
  • There were no significant falls over $10 million.
• Japan: total exports were up $9.2 million (3.5 percent).
  • The largest rises were milk powder, butter, and cheese, up $11 million; and live animals, up $10 million.
  • The largest fall was logs, wood, and wood articles, down $10 million.

Imports

Goods imports rose by $404 million (6.5 percent) in December 2024 (to $6.6 billion), compared with December 2023.

Mechanical machinery and equipment lead the rise in imports

Mechanical machinery and equipment rose $210 million (26 percent), to $1.0 billion. The main contributions were turbo-jets and turbo-propellers, up $151 million (135 percent) to $262 million, and computers, up $107 million (78 percent) to $244 million.

Imports of petroleum and vehicles fall

Petroleum and products fell $200 million (20 percent), to $799 million.

Vehicles, parts, and accessories fell $149 million (17 percent), to $702 million. The fall was led by motor vehicles, down $97 million (19 percent), to $417 million.

Top monthly import movements by country

The monthly movements in December 2024, compared with December 2023, for our top import partners (in order of total annual goods imports) were:

• China: total imports were up $40 million (3.0 percent).
  • The largest rises were electrical machinery and equipment, up $23 million; textiles and textile articles, up $14 million; and plastic and plastic articles, up $11 million.
  • The largest falls were petroleum and products, down $57 million; and fertilisers, down $14 million.
• EU: total imports were down $9.9 million (1.0 percent).
  • The largest rises were railway, up $25 million; meat and edible offal, up $13 million; and mechanical machinery and equipment, up $10 million.
  • The largest fall was vehicles, parts, and accessories, down $81 million.
• Australia: total imports were down $51 million (7.0 percent).
  • There were no significant rises over $10 million.
  • The largest falls were sugars and sugar confectionery, down $34 million; pharmaceutical products, down $17 million; and vehicles, parts, and accessories, down $11 million.
• USA: total imports were up $246 million (45 percent).
  • The largest rises were aircraft and parts, up $188 million; food residues, wastes, and fodder, up $31 million; and mechanical machinery and equipment, up $17 million.
  • The largest fall was vehicles, parts, and accessories, down $18 million.
• South Korea: total imports were down $146 million (22 percent).
  • There were no significant rises over $10 million.
  • The largest fall was petroleum and products, down $129 million.

Trade surplus in December 2024

The monthly trade balance was a surplus of $219 million.

December 2024 quarter

December 2024 values are seasonally adjusted and compared with the September 2024 quarter.

• Goods exports rose 5.5 percent ($965 million) to $18.4 billion, following a 0.4 percent fall in the September 2024 quarter.
• Goods imports fell 2.2 percent ($433 million) to $19.7 billion, following a 1.6 percent rise in the September 2024 quarter.
• The quarterly trade balance was a deficit of $1.3 billion.

December 2024 year

Annual values are actual and compared with the year ended December 2023.

• Annual goods exports were valued at $71.0 billion, up $2.4 billion.
• Annual goods imports were valued at $78.7 billion, down $3.6 billion.
• The annual trade deficit was $7.7 billion. In the year ended December 2023 the deficit was $13.6 billion.

Text alternative for Goods exports and imports, December 2024 month compared with December 2023 month

The diagram shows goods exports and imports for the December 2024 month compared with the December 2023 month.

The trade balance is a surplus of $219 million. This is the difference between exports valued at $6.8 billion (up $995 million or 17 percent) and imports valued at $6.6 billion (up $404 million or 6.5 percent).

Export commodities that rose included: milk powder, butter, and cheese, up $689 million (39 percent); meat and edible offal, up $158 million (20 percent); preparations of milk, cereals, flour, and starch*, up $63 million (28 percent); and logs, wood, and wood articles, up $55 million (14 percent).

Export commodities that fell included: crude oil**, down $85 million (56 percent); casein and caseinates, down $35 million (26 percent); iron and steel, and articles, down $29 million (31 percent); and wine, down $25 million (11 percent).

Import commodities that rose included: mechanical machinery and equipment, up $210 million (26 percent); aircraft and parts**, up $183 million (312 percent); food residues, wastes, and fodder, up $81 million (94 percent); and railway**, up $36 million (716 percent).

Import commodities that fell included: petroleum and products**, down $200 million (20 percent); vehicles, parts, and accessories, down $149 million (17 percent); pharmaceutical products, down $34 million (17 percent); and ships, boats, and floating structures**, down $22 million (67 percent).

*Includes infant formula
**Imports and exports of ships, boats and floating structures, railway, petroleum and products, and aircraft, and parts, fluctuate month to month based on individual large movements

Source: Stats NZ

More data

Use Infoshare to access time-series data for imports and exports.

Subject category: Imports and exports

Overseas merchandise trade datasets has CSV data for goods imports and exports.

International trade: September 2024 quarter has information on trade in goods and services.

Definitions and metadata

Overseas merchandise trade - DataInfo+ provides the definitions of terms used in this release and general methodology used to produce overseas merchandise trade statistics.

Technical enquiries

Aaron McRae
04 931 4600
[email protected]

ISSN 1178-0320

Next release

Overseas merchandise trade: January 2025 will be released on 21 February 2025.