Statistics New Zealand says February’s monthly trade balance came in at a surplus of $510 million, bouncing up from the previous month’s deficit of $486 million.
NZ's monthly exports jumped 16%, or $954 million, to $6.7 billion in February, compared to 12 months earlier.
Milk powder, butter, and cheese led the rise in exports, up 27%, or $486 million, to a total of $2.3 billion.
The exports of milk fats, which include butter, jumped 61% in value compared to February 2024, while the value of cheese exports rose 59% in that same time period.
Infant formula exports were also high, coming in at $303 million last month, increasing by 61%, or $114 million, compared to a year ago.
Giant dairy co-operative Fonterra, which is NZ’s largest company that exports about 95% of its NZ production, reported a half-year profit after tax of $729 million at its half-year results released on Thursday. The dairy co-op increased after-tax earnings by 8%.
Stats NZ said on Friday that meat and edible offal rose by 28%, or $227 million, to $1 billion in February 2025 compared with February 2024.
Export commodities that fell included aircraft and parts which plummeted 77%, or $47 million, in February 2025, and mechanical machinery and equipment exports which fell 21%, or $42 million. Vegetables were down 22%, or $16 million.
The largest increased export movements by country were China, the European Union and Australia.
Total exports to China were up 16%, or $249 million in February 2025 compared with February 2024.
Milk powder, butter, and cheese made up the largest rise in exports to China, up $188 million, while preparations of milk, cereals, flour, and starch rose $54 million and casein and caseinates (milk proteins) were up $37 million.
To Australia, total exports rose 17%, or $125 million. The largest increases came from crude oil exports which rose $71 million. Precious metals, jewellery, and coins were up $48 million, while pharmaceutical products rose $20 million.
Total exports to the EU were up 37%, or $113 million. The largest rises were meat and edible offal, which climbed by $78 million. Aluminium and aluminium articles rose $20 million and fish, crustaceans, and molluscs, were up $10 million.
The largest monthly fall in country exports were to the USA, with total exports falling 5.5%, or $46 million, in February 2025 compared to February 2024.
Meat and edible offal exports rose $92 million but milk powder, butter, and cheese exports fell $71 million; casein and caseinates (milk proteins) were down $26 million and mechanical machinery and equipment fell $18 million.
Trade Minister Todd McClay told interest.co.nz earlier this week that NZ is unlikely to be caught by US President Donald Trump’s reciprocal tariffs which are set to start on April 2nd.
McClay told interest.co.nz he didn’t expect NZ to be “caught or captured directly” following discussion with US officials.
“Our tariff rates are generally lower [for the US] coming into New Zealand than New Zealand is going into the US,” he said.
February imports
Monthly imports had a much smaller increase in February 2025 compared to exports.
Imports rose 2.1%, or $125 million, to $6.2 billion, led by mechanical machinery and equipment. This category increased by 21% or $160 million, reporting a total of $921 million in February 2025.
Stats NZ said the primary drivers of this growth were turbo-jets and turbo-propellers, which had “significantly increased” by 119% or $138 million, bringing it to $254 million.
Computers also jumped up by 55%, or $48 million, to $134 million.
Import commodities that fell included vehicles, parts, and accessories, which were down 19%, or $152 million. On the other end of the spectrum, sugars and sugar confectionery fell 46%, or $32 million.
The largest import movements by country were the USA and China for import increases, and South Korea and Australia for decreases in imports.
Total imports from the US were up 41%, or $185 million, driven by mechanical machinery and equipment which also drove up imports from China. China’s total imports edged up 3.8%, or $49 million, helped also by vehicles and textiles.
The largest import decreases from Australia were from pharmaceutical products, sugars and vehicle parts, with total imports from Australia down 9.3%, or $69 million.
A fall in South Korea imports stemmed from petroleum and products, with total imports down 57%, or $337 million.
3 Comments
Thanks goodness for dairy and other agricultural products contributing to exports. Greens and to a lesser extent Labour want to screw agriculture into the ground. National are also very slightly complicit in having an agricultural input cost higher than it should be.
Generally it seems to be accepted in rural circles that the shackles and obstacles inflicted on primary production for six years from 2017 by the Labour government, have been cast aside. That is something in itself and the resultant lift in confidence and productivity is starting to bring in welcome results.
It's not just government. I see regular denigration of the rural by folk promoting some new ideas.
My thought is if their idea is great. Just go and do it.
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