New Zealand’s light and heavy traffic volumes eased in January, but remain higher than a year earlier, reinforcing signs that economic momentum lifted toward the end of 2025, according to the latest ANZ Truckometer data.
The light traffic index (LTI) fell 1.1% in January but was up 3.6% year-on-year, while the heavy traffic index (HTI) dropped 2.4% for the month after rising 3.2% in December. On an annual basis, the HTI was up 2%, with growth continuing to trend higher.
“The trend in light traffic has lifted in the last few months, consistent with other indicators suggesting that the economy turned higher towards the end of last year,” ANZ chief economist Sharon Zollner says.
Zollner notes that while light traffic volumes have improved on a per capita basis, they remain below recent highs.
“In per capita terms light traffic has also lifted, though it remains well off its recent peak,” she says.
Heavy traffic volumes, which are more closely aligned with production activity, are also pointing to improving conditions despite monthly volatility.
“Heavy traffic data (mostly trucks, but also buses) tends to provide a steer on production GDP in real time,” Zollner says.
“The HTI is also trending higher, with its usual volatility, and also suggests a decent finish to 2025.”
