New Zealand’s trade performance in October showed promising growth, with goods exports rising by 7.5% year-on-year (YoY) to NZD 5.8 billion. This growth signals continued demand for New Zealand’s products, bolstered by key international markets.
Exports to major trading partners saw significant increases, with China contributing an extra NZD 113 million (8.4% YoY), Australia up by NZD 60 million (8.3% YoY), and the United States leading the way with a notable increase of NZD 90 million (15% YoY). The European Union also experienced a strong rise, with exports up by NZD 48 million (18% YoY), while Japan saw an increase of NZD 19 million (6.7% YoY).
Imports for the month rose by 3.0% YoY, totaling NZD 7.3 billion. While imports from China and the EU showed slight declines, imports from the United States surged by NZD 459 million (79% YoY), reflecting increased demand in various sectors. South Korea and Australia also saw notable increases in imports, up by NZD 148 million (32% YoY) and NZD 58 million (7.5% YoY), respectively.
This performance demonstrates the resilience of New Zealand’s export sector and reinforces its position in the global trade market.
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