New Zealand posted a merchandise trade deficit of NZ$1.193 billion in November, Statistics New Zealand said on Wednesday.
That missed expectations for a shortfall of NZ$550 million following the NZ$843 million deficit in October.
Exports jumped 20.0 percent on year to NZ$4.63 billion - topping forecasts for NZ$4.61 billion and up from NX$4.55 billion in the previous month.
Milk powder, butter, and cheese had the largest rise of any commodity group, up NZ$262 million (22 percent) to NZ$1.5 billion.
Butter rose NZ$107 million (79 percent) in value - quantity fell 2.0 percent, while milk powder rose NZ$93 million (13 percent) in value - quantity was down 9.1 percent. Milk and cream rose NZ$42 million (122 percent) in value, and 43 percent in quantity.
Logs, wood, and wood articles rose NZ$162 million (50 percent) to NZ$484 million. The quantity of rough logs exported rose 40 percent.
Meat and edible offal rose NZ$160 million (47 percent) to NZ$499 million, led by lamb, up NZ$92 million.
Preparations of milk, cereals, flour, and starch rose NZ$52 million (54 percent). This group includes infant formula.
Crude oil exports fell NZ$58 million (70 percent), and quantity fell 78 percent. Aluminum and aluminum articles fell NZ$38 million (48 percent).
Imports spiked an annual 27.0 percent to NZNZ$5,82 billion versus expectations for NZ$5.10 billion and up from NZNZ$5.40 billion a month earlier.
Mechanical machinery and equipment (our second-largest import commodity group) led the rise, up NZ$285 million (50 percent) to NZ$854 million. The increase was across a range of commodities, including parts of turbo-jets and turbo-propellers, computers, and diggers.
Aircraft and parts rose NZ$268 million, influenced by the importation of a large aircraft.
Vehicles, parts, and accessories (our largest import commodity group) rose NZ$127 million (18 percent) to NZ$836 million: goods vehicles rose NZ$54 million and passenger motor cars rose NZ$48 million.
For comments and feedback contact: editorial@rttnews.com
Economic News
What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.
May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.