There have been remarkable ups and downs in trans-Tasman trade, especially in the proportion of New Zealand exports going to Australia. In the mid-1860s over half of New Zealand's trade was with Australia. But as exports to the United Kingdom increased, especially following the introduction of refrigerated shipping, exports to Australia dropped proportionately, and by the 1920s exports to Australia were very small indeed. However, from the mid-1960s there was a continuing rise, aided by the New Zealand Australia Free Trade Agreement (NAFTA) in 1965 and Closer Economic Relations (CER) in 1983. Imports showed less variability, but also increased after CER.
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Source: Statistics New Zealand
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