Exports and imports down compared with 2022 – Stats NZ

Exports from New Zealand declined by 4.5% to $68.7bn in 2023, while imports dropped by 5% to $82.3bn, leading to a trade deficit of $13.6bn, according to data from Stats NZ.

The two tropical cyclones in January and February 2023 caused significant flooding and damage, particularly in the North Island.

Despite this, monthly export values increased in the first five months of 2023, when compared to the same period in the previous year.

The fall in exports for H2 2023, when compared with 2022, was due to a fall in the unit price for most main export commodities, particularly milk powder and sheep meat, and a fall in exports to China.