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New Zealand’s trade balance swung to a NZD 52 million surplus in December 2025 from a NZD 36 million surplus in the same month a year earlier. Exports rose 15.0% to NZD 7.7 billion, driven by milk powder, butter and cheese (up NZD 361m, +15%), meat and edible offal (up NZD 274m, +30%), precious metals (up NZD 223m, +172%) and aluminium (up 36%). Exports to Australia were up 26%, to the European Union up 31% and to Japan up 15%. Imports rose 15.0% to NZD 7.6 billion, led by higher electrical machinery and equipment, mechanical machinery and equipment, vehicles, parts and accessories, and petroleum and products. Imports from China increased 27%, from the EU 26%, the US fell 16% and South Korea rose 11%.