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Trade Weighted Index weights and trade volumes (B10)

This data records the changes in the weights of different currencies in the Trade Weighted Index over time and provides detail on trading volumes.

2019 2020 2021 2022 2023 2024 2025
Weights
Australia 19.8373 19.1853 18.7106 17.2918 16.5478 17.6620 18.4042
United States 13.3803 13.2674 13.6429 13.5653 13.7823 14.4951 15.6243
Japan 6.5150 6.3890 6.0667 5.6817 6.0952 5.6317 5.5079
United Kingdom 4.3446 4.1046 4.0925 3.2215 3.0693 3.4024 3.8765
Euro Area 10.9482 10.5337 10.4174 10.0541 9.8267 9.4903 9.1738
South Korea 3.6518 3.5390 3.7389 3.5350 4.3417 4.9953 5.0621
China 21.1142 22.8948 23.4762 27.0396 25.6379 22.6087 21.7429
Malaysia 2.6124 2.5652 2.2379 2.0527 2.2976 2.7192 2.4277
Hong Kong 1.5851 1.5118 1.3512 1.2190 1.1216 0.9387 1.0673
Indonesia 1.5768 1.6638 1.7075 1.8483 2.0308 2.0068 1.7295
Thailand 3.0586 3.0028 2.6956 2.8420 2.9401 2.6855 2.5714
Singapore 3.7571 3.8690 4.3091 4.4700 5.3672 6.4921 5.6985
Canada 1.4810 1.5575 1.4910 1.2660 1.2989 1.3817 1.4098
Taiwan 1.6840 1.7198 1.7666 1.8096 2.0163 1.7607 1.6548
India 2.1412 1.8698 1.8449 1.7409 1.3248 1.4629 1.6851
Philippines 0.9662 0.9734 0.9883 0.7256 0.7074 0.7830 0.8246
Vietnam 1.3460 1.3530 1.4624 1.6370 1.5946 1.4840 1.5395
Scale factor
Scale factor (nominal) 76.6649 76.6926 76.7336 77.1060 77.2121 77.1283 77.1340
Date
Date weights applied 30 Nov 2018 13 Dec 2019 11 Dec 2020 10 Dec 2021 13 Dec 2022 13 Dec 2023 05 Dec 2024

The data: coverage, periodicity and timeliness

Coverage characteristics

The trade weighted index (TWI) is a weighted average of the New Zealand dollar with the currencies of New Zealand's major trading partners. We currently publish two TWIs:

1. The official TWI: An index that contains 17 currencies and is weighted using bilateral trade in merchandise and services. When the 17 currency TWI was introduced in December 2014, it was backdated to January 1984 using a consistent methodology.

2. The historical TWI: A series of the TWI ‘as published’ on the day. This series links together a number of different methodologies that have been used through the years to construct the official TWI.

Periodicity

Annually.

Timeliness

Weights are calculated annually in mid-December.

Access by the public

Statistics release calendar

The statistics release calendar provides a long-term plan of scheduled releases. We update and release it on the first working day of the month.

View the statistics release calendar

Integrity

Provision of information about revisions and advance notice of major changes in methodology

Provisional data are italicised. Data are deemed provisional when a series is under review. New data, or revised data, are in bold font. This applies to the summary table only and not Excel files. We generally publish revisions when we update and release a new table. Should we need to make revisions more promptly, we post a note on the website. We also post any major changes in methodology as a note.

Quality

Dissemination of documentation on methodology and sources used in preparing statistics

Information about the TWI and the method used to calculate the weights can be found in the following Bulletin articles:

Trade weighted index

We publish the TWI daily in B1 Exchange rates.

Scale factor

The scale factor is calculated to prevent spurious shifts in the TWI that could otherwise occur as a result of the reweighting. By convention, the rescaling is done using the exchange rates prevailing at 11:10am on the day before the new weights are released. The new scale factor is set so that the TWI with the old weights is equal to the TWI with the new weights at that point in time.

Currencies included in the TWI

There are 17 currencies included in the official TWI:

  • United States dollar
  • UK pound sterling
  • Australian dollar
  • Japanese yen
  • European euro
  • Canadian dollar
  • South Korean won
  • Chinese renminbi
  • Malaysian ringgit
  • Hong Kong dollar
  • Indonesian rupiah
  • Thai baht
  • Singapore dollar
  • New Taiwan dollar
  • Indian rupee
  • Philippine peso
  • Vietnamese dong

Base exchange rates

The base exchange rates as at 31 October 2014:

  • United States dollar = 0.7840
  • UK pound sterling = 0.4900
  • Australian dollar = 0.8872
  • Japanese yen = 85.72
  • European euro = 0.6215
  • Canadian dollar = 0.8773
  • South Korean won = 826.92
  • Chinese renminbi = 4.7938
  • Malaysian ringgit = 2.5782
  • Hong Kong dollar = 6.0802
  • Indonesian rupiah = 9,506.49
  • Thai baht = 25.5113
  • Singapore dollar = 1.0015
  • New Taiwan dollar = 23.8497
  • Indian rupee = 48.1690
  • Philippine peso = 35.1781
  • Vietnamese dong = 16,667.84

TWI weights

Official TWI weights

A new methodology was introduced for the official TWI in December 2014. The weights were backdated to 1984.

  • The number of currencies included was increased from 5 to 17.
  • Weights for each currency were based on direct bilateral trade with New Zealand.
  • Data on trade in services was included in the calculation of the weights (from 2009 onwards).

Weights for the reference year are calculated using finalised June year trade data from the previous year (for example, weights for 2015 were calculated from year ended June 2014 trade data).

Historical TWI weights

From 1983 to 2014, the historical TWI weights were calculated using five currencies:

  • United States dollar
  • UK pound sterling
  • Australian dollar
  • Japanese yen
  • German deutsche mark (until December 1998)
  • European euro (from January 1999)

From 1979 to 1998 the weights were calculated solely on bilateral trade. Between 1999 and 2014, the weights were calculated using bilateral trade (50%) and the relative size (GDP) of the trading partner's economy (50%). Since 2014, the historical weights have been calculated using the 17 currencies included in the official TWI. The weights are based on bilateral trade.

Symbols and conventions for summary table

Symbol or convention Definition
0 Zero or value rounded to zero
- Not applicable
.. Not available
bold Revised/new
italics Provisional
Light grey background Historical

General notes

  • Individual figures may not sum to the totals due to rounding
  • Percentage changes are calculated on unrounded numbers
  • You are free to copy, distribute and adapt these statistics subject to the conditions listed on our copyright page.