New Zealand recorded a goods trade deficit of NZ$518.7 million in January, compared with a deficit of NZ$88.3 million in December 2025, Stats NZ data showed on Friday.

Goods exports rose 2.6% to NZ$6.21 billion, while imports rose 1.9% to NZ$6.73 billion.

Exports were driven by a 38% increase in meat and edible offal, while milk powder, butter, and cheese saw the largest drop, declining by 6.6%.

Vehicles, parts, and accessories led the increase in imports, rising 16%, while inorganic chemicals led the decline, falling 46%.

In the year ended January, New Zealand recorded an actual annual trade deficit of NZ$2.31 billion compared with a trade deficit of NZ$7.35 billion in the year ended January 2025.