New Delhi, July 9 -- Prime Minister Narendra Modi will embark on an official visit to New Zealand on Friday at the invitation of New Zealand Prime Minister Christopher Luxon, a visit that comes on the heels of a newly finalised Free Trade Agreement (FTA) designed to reinvigorate bilateral commercial ties amid recent moderation in merchandise trade.

According to a report by Rubix Data Sciences, total merchandise trade between the two countries recorded an 8 per cent CAGR from FY22 to FY26, reaching USD 1,155 million (USD 1 billion), despite easing from the FY25 peak of USD 1,298 million.

The report highlighted that India's trade balance with New Zealand shifted from a USD 113 million surplus in FY22 to a USD 23 million deficit in FY26, a...