Export prices increased by 7.1% in the March 2025 quarter, primarily driven by higher dairy prices, according to data released by Stats NZ.
Dairy product prices—New Zealand’s leading export—climbed 10%, with milk powder prices rising 13% compared to the December 2024 quarter.
“Export prices have been increasing since March 2024 and are now 17% higher than they were a year ago,” international accounts spokesperson Viki Ward said.
“The increase in dairy prices was shared across all of the major dairy categories.”
According to Ward, export prices for butter have also risen, with butter prices now 38% higher than in the March 2024 quarter.
In terms of meat products, which are the country’s second largest export by value, prices increased by 7.2% in the March 2025 quarter compared to the December 2024 quarter.
Other commodities that helped drive the overall rise in export prices included forestry products, which increased by 4.9%, and fruit, which rose by 4.6%.
The Reserve Bank’s trade weighted index (TWI) declined by 5.3% in the March 2025 quarter compared to the same quarter in 2024, reflecting a broad weakening of the New Zealand dollar against most major trading partner currencies.
Ward said the depreciation of the New Zealand dollar has played a role in driving up both import and export prices.