India-New Zealand Trade 2023-24: Exports at $538 Million, Imports at $335 Million
India and New Zealand on Sunday formally launched negotiations for a “comprehensive and mutually beneficial” Free Trade Agreement (FTA), marking a key step towards expanding economic ties between the two nations. This move positions New Zealand as India’s second FTA partner in the Oceania region, following the India-Australia Economic Cooperation and Trade Agreement signed in April 2022.
Commerce Minister Piyush Goyal announced the development after a meeting with New Zealand’s Trade and Investment Minister Todd McClay in New Delhi. “We are delighted to announce the launch of India-New Zealand Free Trade Agreement (FTA) negotiations. This marks a significant milestone in our partnership, reflecting our shared vision to deepen trade ties and expand economic opportunities,” Goyal said in a post on X (formerly Twitter).
The announcement comes as bilateral trade between India and New Zealand continues to grow steadily, surpassing $1 billion during April-January 2025. The FTA is expected to unlock new opportunities for businesses and consumers across both countries, fostering greater cooperation and mutual prosperity.
McClay’s visit to India coincided with the arrival of New Zealand Prime Minister Christopher Luxon, who landed in New Delhi on Sunday for his first official visit to the country. Ahead of his bilateral meeting with Prime Minister Narendra Modi, Luxon emphasized India’s growing role in New Zealand’s strategic and economic landscape.
“I’ve landed in India – a country of huge importance to New Zealand’s prosperity, security, and society. India provides huge economic opportunity for Kiwis. That’s why I’m here and that’s why I’ve brought a senior delegation of business and community leaders with me,” Luxon said in a post on X.
According to data from India’s commerce ministry, bilateral trade in 2023-24 stood at $873 million, with India exporting goods worth $538 million to New Zealand and importing goods valued at $335 million. This resulted in a $203 million trade surplus in India’s favour during the fiscal year.
The launch of FTA talks is expected to pave the way for deeper market access, greater investment flows, and enhanced collaboration in sectors such as agriculture, technology, education, and renewable energy.
