Terms of trade in New Zealand

Stats NZ · Quarterly · Importance

-9.0% (Q2-26) QOQ · % · Quarterly · CSV

Period	%
Apr 2026	-9.0%
Jan 2026	-1.9%
Oct 2025	3.7%
Jul 2025	-2.1%
Apr 2025	4.2%
Jan 2025	1.9%
Oct 2024	3.2%
Jul 2024	2.5%
Apr 2024	2.3%
Jan 2024	5.1%
Oct 2023	-7.8%
Jul 2023	-0.6%
Apr 2023	-0.1%
Jan 2023	-2.5%
Oct 2022	1.5%
Jul 2022	-3.9%
Apr 2022	-2.3%
Jan 2022	0.6%
Oct 2021	-0.9%
Jul 2021	0.4%
Apr 2021	3.2%
Jan 2021	0.1%
Oct 2020	1.5%
Jul 2020	-4.7%
Apr 2020	2.4%
Jan 2020	-0.6%
Oct 2019	2.8%
Jul 2019	1.7%
Apr 2019	1.4%
Jan 2019	1.0%
Oct 2018	-3.2%
Jul 2018	-0.1%
Apr 2018	0.4%
Jan 2018	-2.0%
Oct 2017	1.5%
Jul 2017	1.3%
Apr 2017	1.1%
Jan 2017	3.9%
Oct 2016	5.8%
Jul 2016	-1.2%
Apr 2016	-2.0%
Jan 2016	4.2%
Oct 2015	-2.0%
Jul 2015	-3.8%
Apr 2015	1.5%
Jan 2015	1.3%
Oct 2014	-2.3%
Jul 2014	-4.5%
Apr 2014	0.1%
Jan 2014	1.8%
Oct 2013	2.5%
Jul 2013	7.5%
Apr 2013	4.7%
Jan 2013	4.2%
Oct 2012	-1.2%
Jul 2012	-3.2%
Apr 2012	-2.6%
Jan 2012	-2.3%
Oct 2011	-1.4%
Jul 2011	-0.6%

Period	%
Apr 2026	-9.4%
Jan 2026	3.8%
Oct 2025	7.8%
Jul 2025	7.2%
Apr 2025	12.3%
Jan 2025	10.3%
Oct 2024	13.7%
Jul 2024	1.6%
Apr 2024	-1.4%
Jan 2024	-3.7%
Oct 2023	-10.7%
Jul 2023	-1.7%
Apr 2023	-5.0%
Jan 2023	-7.1%
Oct 2022	-4.2%
Jul 2022	-6.4%
Apr 2022	-2.2%
Jan 2022	3.3%
Oct 2021	2.8%
Jul 2021	5.3%
Apr 2021	-0.1%
Jan 2021	-0.9%
Oct 2020	-1.6%
Jul 2020	-0.4%
Apr 2020	6.4%
Jan 2020	5.4%
Oct 2019	7.1%
Jul 2019	0.9%
Apr 2019	-1.0%
Jan 2019	-2.0%
Oct 2018	-4.8%
Jul 2018	-0.3%
Apr 2018	1.2%
Jan 2018	1.9%
Oct 2017	7.9%
Jul 2017	12.6%
Apr 2017	9.8%
Jan 2017	6.4%
Oct 2016	6.7%
Jul 2016	-1.2%
Apr 2016	-3.8%
Jan 2016	-0.3%
Oct 2015	-3.1%
Jul 2015	-3.4%
Apr 2015	-4.2%
Jan 2015	-5.5%
Oct 2014	-5.0%
Jul 2014	-0.3%
Apr 2014	12.2%
Jan 2014	17.4%
Oct 2013	20.1%
Jul 2013	15.9%
Apr 2013	4.3%
Jan 2013	-2.9%
Oct 2012	-9.0%
Jul 2012	-9.2%
Apr 2012	-6.8%
Jan 2012	-2.0%
Oct 2011	1.1%
Jul 2011	3.3%

Period	index
Apr 2026	1,421.4
Jan 2026	1,562.0
Oct 2025	1,592.8
Jul 2025	1,535.6
Apr 2025	1,568.3
Jan 2025	1,505.5
Oct 2024	1,477.1
Jul 2024	1,431.8
Apr 2024	1,396.8
Jan 2024	1,365.3
Oct 2023	1,299.0
Jul 2023	1,408.7
Apr 2023	1,416.7
Jan 2023	1,417.6
Oct 2022	1,453.9
Jul 2022	1,432.6
Apr 2022	1,490.9
Jan 2022	1,526.3
Oct 2021	1,517.3
Jul 2021	1,531.3
Apr 2021	1,524.6
Jan 2021	1,477.3
Oct 2020	1,476.3
Jul 2020	1,454.6
Apr 2020	1,526.2
Jan 2020	1,490.6
Oct 2019	1,500.3
Jul 2019	1,459.7
Apr 2019	1,434.8
Jan 2019	1,414.6
Oct 2018	1,400.6
Jul 2018	1,446.8
Apr 2018	1,448.6
Jan 2018	1,443.1
Oct 2017	1,472.0
Jul 2017	1,450.6
Apr 2017	1,431.8
Jan 2017	1,416.8
Oct 2016	1,363.7
Jul 2016	1,288.8
Apr 2016	1,304.6
Jan 2016	1,331.3
Oct 2015	1,278.0
Jul 2015	1,304.5
Apr 2015	1,356.1
Jan 2015	1,336.0
Oct 2014	1,319.4
Jul 2014	1,350.6
Apr 2014	1,414.9
Jan 2014	1,414.0
Oct 2013	1,388.6
Jul 2013	1,355.1
Apr 2013	1,260.8
Jan 2013	1,204.5
Oct 2012	1,155.7
Jul 2012	1,169.5
Apr 2012	1,208.6
Jan 2012	1,240.5
Oct 2011	1,269.5
Jul 2011	1,287.9

About this indicator

Source

Statistics New Zealand (Stats NZ)

Frequency

Quarterly

Release

About six weeks after the quarter ends, alongside the monthly overseas trade release (10:45 NZ time)

What it is

The terms of trade compare the movement of New Zealand's export prices against its import prices. A rise means the country earns more for each unit it exports relative to what it pays for imports (an improvement in external purchasing power); a fall means the opposite.

How it's calculated

Stats NZ compiles export and import price indices (the Overseas Trade Indexes) from customs records and publishes the ratio of export prices to import prices, together with its quarterly and annual changes.

Market implications

New Zealand relies heavily on exports of dairy and primary products: an improvement in the terms of trade (for example a rise in dairy prices) tends to support the New Zealand dollar (NZD) and national income, while a deterioration weakens them.

Limitations

It is highly sensitive to international commodity prices (dairy in particular) and can be volatile from quarter to quarter without reflecting any structural change in the economy.