New Zealand’s merchandise terms of trade rose 4.1% quarter-on-quarter in the three months to June 2025, accelerating from a 1.9% increase in the first quarter and beating market forecasts of 1.9%. The improvement reflected stronger relative export prices, which edged up 0.2%, against a sharper 3.7% fall in import prices, partly driven by lower fuel and consumer goods costs. In value terms, exports declined 4.8% to $18.6 billion amid softer dairy and meat shipments, while imports slipped 1.2% to $19.4 billion as demand for capital goods eased. The stronger terms of trade indicate improved purchasing power for New Zealand exporters despite weaker trade volumes. source: Statistics New Zealand

Terms of Trade in New Zealand increased to 1505 points in the first quarter of 2025 from 1477 points in the fourth quarter of 2024. Terms of Trade in New Zealand averaged 1106.17 points from 1957 until 2025, reaching an all time high of 1567.00 points in the second quarter of 2025 and a record low of 796.00 points in the fourth quarter of 1975. This page provides - New Zealand Terms of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Terms of Trade - data, historical chart, forecasts and calendar of releases - was last updated on September of 2025.

Terms of Trade in New Zealand increased to 1505 points in the first quarter of 2025 from 1477 points in the fourth quarter of 2024. Terms of Trade in New Zealand is expected to be 1575.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Terms of Trade is projected to trend around 1576.00 points in 2026, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-06-02 10:45 PM
Terms of Trade QoQ
Q1 1.9% 3.2% 3.1% 2.6%
2025-09-01 10:45 PM
Terms of Trade QoQ
Q2 4.1% 1.9% 1.9% 1.4%
2025-12-01 09:45 PM
Terms of Trade QoQ
Q3 1575%


Related Last Previous Unit Reference
Balance of Trade -578.00 203.00 NZD Million Jul 2025
Capital Flows 4075.00 -3072.00 NZD Million Mar 2025
Current Account -2320.00 -7040.00 NZD Million Mar 2025
Current Account to GDP -5.70 -6.60 percent of GDP Dec 2024
Exports 6710.00 6530.00 NZD Million Jul 2025
Foreign Direct Investment 3950.00 3153.00 NZD Million Mar 2025
Imports 7280.00 6330.00 NZD Million Jul 2025
Terms of Trade 1567.00 1506.00 points Jun 2025
Tourism Revenues 5605.00 4119.00 NZD Million Mar 2025
Visitor Arrivals YoY 186753.00 190593.00 Jun 2025

New Zealand Terms of Trade
In New Zealand, Terms of Trade (ToT) correspond to the ratio of Price of exportable goods to the Price of importable goods.
Actual Previous Highest Lowest Dates Unit Frequency
1567.00 1506.00 1567.00 796.00 1957 - 2025 points Quarterly
NSA, 2002Q2=1000

News Stream
NZ Terms of Trade Surpass Expectations in Q2
New Zealand’s merchandise terms of trade rose 4.1% quarter-on-quarter in the three months to June 2025, accelerating from a 1.9% increase in the first quarter and beating market forecasts of 1.9%. The improvement reflected stronger relative export prices, which edged up 0.2%, against a sharper 3.7% fall in import prices, partly driven by lower fuel and consumer goods costs. In value terms, exports declined 4.8% to $18.6 billion amid softer dairy and meat shipments, while imports slipped 1.2% to $19.4 billion as demand for capital goods eased. The stronger terms of trade indicate improved purchasing power for New Zealand exporters despite weaker trade volumes.
2025-09-01
NZ Terms of Trade Rise 1.9% in Q1, Miss Forecasts
The merchandise (goods) terms of trade in New Zealand increased 1.9% quarter-on-quarter in the March 2025 quarter, easing from a revised 3.1% increase in Q4 2024 and missing market forecasts for a similar 3.1% rise. Export prices climbed 7.1%, driven by a 10% jump in dairy prices — the country’s top export — including a 13% surge in milk powder prices. Meanwhile, import prices rose 5.1%, largely due to a 21.3% spike in the cost of non-fuel crude materials.
2025-06-02
New Zealand Terms of Trade Rise 3.1% in Q4
The merchandise (goods) terms of trade in New Zealand rose 3.1% quarter-on-quarter in the three months to December of 2024, following a revised 2.5% increase in the previous period and surpassing market expectations of a 1.1% growth. Export prices climbed 3.2% in the fourth quarter, driven primarily by higher prices for meat products. Meanwhile, import prices increased 0.1%, as a decline in prices for petroleum and petroleum products was offset by a rise in other categories.
2025-03-03