2026.02.1921:45:00UTC+00New Zealand Trade Deficit Widens Sharply in January to NZ$519M

New Zealand’s trade balance deteriorated markedly at the start of 2026, with the deficit expanding to NZ$519 million in January 2026, according to data updated on 19 February 2026. This compares with a revised deficit of NZ$88 million in December 2025, highlighting a significant month‑over‑month widening in the country’s external gap.

On a month‑over‑month basis, the latest figure reflects a much weaker trade position than in the prior period, when December’s NZ$88 million shortfall had represented a comparatively modest deficit versus the month before. The January reading suggests that trade dynamics shifted unfavorably heading into the new year, though the data release provides no further breakdown of export or import drivers behind the move.

The January 2026 outcome will likely draw attention from market participants and policymakers watching New Zealand’s external balances, as a persistently wider trade deficit can have implications for currency performance, growth expectations, and overall economic sentiment. Further data in coming months will be needed to assess whether January marks the beginning of a trend or a one‑off setback in the trade account.