This article covers trade and investment between India and New Zealand: trade figures, the goods traded, the India-New Zealand Free Trade Agreement, ministerial and business engagement, and the companies of each country operating in the other. It is based on the MEA brief of July 2026, and all figures are as the brief gives them.

Trade in the year ended March 2026

According to the MEA brief of July 2026, in the year ended March 2026 New Zealand exported $1.21 billion of total goods and services to India and imported $1.03 billion, representing a trade balance of $181.86 million and a total trade value of $2.24 billion. The brief states that this represented 1.8% of New Zealand's exports of total goods and services in that period and 1.5% of its imports.

For trade in total goods and services, the brief states that India ranked 10 of 240 for highest export value, 13 of 238 for highest import value, and 11 of 243 for highest total trade value.

Trade over five years

The brief gives a five-year table sourced to Statistics NZ, labelled in US Dollars, for years ending March:

  • 2025-26: Indian imports from NZ 1.21b, Indian exports to NZ 1.03b, total trade $2.24b.
  • 2024-25: Indian imports 1.01b, Indian exports 1.08b, total trade $2.09b.
  • 2023-24: Indian imports 0.97b, Indian exports 1.1b, total trade $2.07b.
  • 2022-23: Indian imports 0.84b, Indian exports 0.91b, total trade $1.75b.
  • 2021-22: Indian imports 0.54b, Indian exports 0.96b, total trade $1.50b.

For 2025-26 the table splits Indian imports from New Zealand into 0.50b of goods and 0.71b of services, and Indian exports into 0.75b of goods and 0.28 of services.

Main items traded

India primarily imports fruits and nuts, wood, aluminium and wool from New Zealand. Indian exports to New Zealand are mostly pharmaceuticals and medications, mechanical machinery, made up textile articles, and electrical machinery and equipment.

The India-New Zealand Free Trade Agreement

Negotiations towards the Free Trade Agreement were launched during Prime Minister Luxon's visit to India in March 2025. On 22 December 2025, New Zealand and India concluded the agreement, which the brief calls "landmark". According to the brief:

  • The agreement will eliminate or reduce tariffs on 95 percent of New Zealand exports, with 57 percent duty-free from day one, rising to 82 percent over time.
  • It will eliminate duty on 100% of Indian exports from the day it comes into force.
  • New Zealand has committed investment of USD 20 billion over the next 15 years.
  • It provides relief for sectors including sheep meat, wool, forestry, seafood, horticulture, wine, mānuka honey and selected dairy products, while expanding services access and protecting geographical indications.

The brief records that the FTA was expected to support thousands of jobs and to accelerate progress toward New Zealand's goal of doubling export value over 10 years. Prime Minister Christopher Luxon called the conclusion of the FTA a landmark achievement for New Zealand.

New Zealand Trade and Investment Minister Todd McClay led a business delegation to India from 23 to 27 April 2026, which culminated in the formal signing of the agreement. On 27 April 2026, Minister for Commerce and Industry Mr. Piyush Goyal and Mr McClay signed the FTA in New Delhi before a large gathering of New Zealand and Indian businesspeople. The brief reports that Prime Minister Luxon described it as a once in a generation deal. Mr McClay was accompanied by a New Zealand cross-party political delegation, which met senior Indian government representatives and policy-makers to align on strategic long-term investments and educational agreements.

During his visit to Auckland in July 2026, Prime Minister Modi and Prime Minister Luxon underscored the importance of the early implementation of the agreement. Prime Minister Modi also met a select group of chief executives and business leaders from New Zealand. He described the FTA as a landmark that would open new opportunities for market access, investment, services, technology and talent mobility, and encouraged businesses to help realise the target of doubling bilateral trade to NZD 7 billion (approximately INR 35,000 crore) by 2030.

Ministerial and business engagement

  • On 16 December 2024, Commerce and Industry Minister Piyush Goyal met New Zealand Trade Minister Todd McClay in New Delhi to discuss bilateral trade and economic cooperation. In 2025, the two ministers met several times to advance the FTA talks.
  • MoS Pabitra Margherita visited Auckland from 8-10 May 2025 to attend an India-New Zealand Business Council (INZBC) event, and called on Prime Minister Luxon, Deputy Prime Minister and Foreign Minister Winston Peters and Minister of Trade and Agriculture Todd McClay.
  • Minister Goyal visited New Zealand from 5-8 November 2025 with a high-level business delegation that included representatives of FICCI, CII, ASSOCHAM and Indian start-ups. He held discussions with Mr McClay on trade, investment and business-to-business linkages, and also met him on the sidelines of WTO MC14.

Dialogue mechanisms on trade and the economy

The last Joint Trade Committee (JTC) meeting was held on 26 April 2024. It discussed the India-NZ trade relationship, people to people links and business presence, agricultural cooperation including horticulture, market access issues, collaboration in the pharmaceuticals sector, and the bilateral economic dialogue architecture.

The seventh round of the India-NZ Economic Dialogue was held in New Delhi on 28 November, 2019. It focused on current economic conditions, the global economic environment, infrastructure and tax reforms.

Indian companies in New Zealand

The brief states that all major Indian IT companies are present in New Zealand. Bank of India, Bank of Baroda and New India Assurance have commercial operations there. HCL opened a delivery centre in Hamilton, primarily to serve the dairy cooperative Fonterra, and in 2020 won a $ 20 million annual contract from Fonterra. Mahindra Motors, Tech Mahindra Ltd, TCS, Infosys, Dr. Reddy Laboratories and Royal Enfield Motors also have a presence, and Mahindra Motors is expanding in New Zealand with 20 outlets.

New Zealand companies in India

The brief lists New Zealand companies with business undertakings in India:

  • Gallagher Group, which has installed security systems in the Indian Parliament, ISRO and other locations.
  • Sealegs, which supplied amphibious motor boats to the Mumbai Police.
  • Hamilton Jet, which supplied water propulsion jet engines for the patrol boats of the Indian Coast Guard.
  • Glidepath, which supplies air cargo handling systems and conveyor belts at India's international airports and has since been purchased by the French company B2A Technology.
  • Quality NZ, which supplies seafood, meat products, fruits and wine to five-star hotels in India.
  • Redesign Group, involved in designing shopping malls and other projects at Indian international airports.
  • Valocity, a real estate online aggregator platform, which was included in the top 20 financial technology companies by India Fin-tech Awards.
  • Rakon NZ, which has established a manufacturing unit in Bengaluru through a joint venture with Centum Electronics Limited, specialising in telecommunications products. The brief states that its chips were used in Chandrayaan-3.