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New Zealand recorded a trade deficit of NZ$0.4 billion in November 2024, improving from a NZ$1.2 billion deficit a year earlier. Exports grew 9.1% year-on-year to NZ$6.48 billion, with notable increases in milk powder, butter, cheese (+12%), precious metals, jewellery, and coins (+51%), and fruit (+162%). However, exports fell for casein (-22%), iron and steel (-20%), machinery (-6.2%), and edible preparations (-7.8%). Imports decreased 3.9% to NZ$6.91 billion, driven by declines in petroleum (-32%), aircraft parts (-74%), and vehicles (-14%), while imports of fertilisers (+123%), electrical machinery (+7.3%), and sugars (+103%) increased. During the month, New Zealand’s top export markets were China, Australia and the US, while top import partners were China, the EU and Australia.