New Zealand Exports to U.S. Reach Record $5.4 Billion, Driven by Strong Demand and Kiwi Dollar Decline
Exports from New Zealand to the United States reached a record 8.8 billion New Zealand dollars ($5.4 billion) in the 12 months through May, marking an 8.9% increase from the previous year, according to Statistics New Zealand.
In contrast, annual sales to Australia dropped by 2.4% from the previous year to NZ$8.7 billion, down from a peak of NZ$9.1 billion in mid-2023. While China remains New Zealand’s largest market, with exports totaling NZ$17.9 billion over the year — representing 26% of the total — Australia has consistently held the second spot since the late 1980s, supported by a free-trade agreement and geographic proximity across the Tasman Sea.
The relative strength of the U.S. economy has boosted demand for New Zealand products, further aided by the kiwi dollar’s 3.3% decline against the U.S. dollar this year, enhancing the value of sales. The New Zealand dollar has only declined by 0.4% against the Australian dollar since January 2.
May is typically a peak month for New Zealand exports, coinciding with the height of the fruit and vegetable season following the southern hemisphere summer. Wine exports in particular surged by 38% compared to May last year, according to the statistics agency.
The relative strength of the U.S. economy has boosted demand for New Zealand products, further aided by the kiwi dollar’s 3.3% decline against the U.S. dollar this year, enhancing the value of sales. The New Zealand dollar has only declined by 0.4% against the Australian dollar since January 2.
Overall, New Zealand’s exports in May rose to a record NZ$7.2 billion, with sales to the U.S. hitting a record NZ$1.02 billion. U.S. buyers showed strong interest in New Zealand wine, dairy products, and meat, while Australian customers reduced their purchases of mechanical machinery.
May is typically a peak month for New Zealand exports, coinciding with the height of the fruit and vegetable season following the southern hemisphere summer. Wine exports in particular surged by 38% compared to May last year, according to the statistics agency.
