New Zealand's international education sector generated nearly NZ$5 billion (approximately US$2.95 billion) in export earnings in the year to June 2026, surpassing the pre-pandemic benchmark of NZ$4.4 billion recorded in the year to June 2019, Education Minister Erica Stanford announced on 4 September. The milestone marks a full recovery for a sector that was among the hardest hit by COVID-19 border closures.

The Numbers Behind the Recovery

The sector's earnings have climbed sharply over two years — from NZ$3.5 billion in the year to June 2024 to NZ$4.3 billion in the year to June 2025, before crossing the NZ$5 billion threshold in 2026. The trajectory reflects both a rebound in student arrivals and a broader recovery in global education mobility following years of pandemic-era restrictions.

Student Enrolments: Recovering but Not Yet at Peak

International student enrolments in 2025 stood at 92,580, up significantly from 69,140 in 2023, though still below the 115,705 recorded in 2019. New Zealand is reportedly on track to reach 99,000 international student enrolments in 2026. University enrolments grew 14% year-on-year, while school enrolments rose 9%, with primary school enrolments recording a notable 22% increase.

What the Government Said

'International education brings billions of dollars into New Zealand, supports jobs and businesses, strengthens our universities and schools, and drives economic activity in communities right across the country,' Minister Stanford said in a statement. The government has set a target to grow international education export earnings to NZ$7.2 billion by 2034, nearly doubling the current figure over roughly eight years.

Why This Matters for New Zealand's Economy

International education is one of New Zealand's most valuable export sectors, rivalling agriculture and tourism in its contribution to foreign exchange earnings. The sector supports a wide ecosystem — from universities and private training establishments to accommodation providers, retail, and local services. This comes amid a broader push by the government to diversify export revenue and reduce dependence on primary commodities. Notably, the earnings recovery has outpaced the enrolment recovery, suggesting higher per-student spending — a trend that could reflect a shift toward higher-value courses or longer study durations.

The Road to NZ$7.2 Billion by 2034

Reaching the government's 2034 target would require sustained annual growth in both student numbers and per-student earnings. Analysts note that global competition for international students — particularly from Australia, Canada, the United Kingdom, and the United States — remains intense, and New Zealand's relatively smaller scale means it must compete on quality and experience rather than volume. Whether enrolment numbers can return to and exceed the 2019 peak of 115,705 will be a key variable in meeting that target.