International students are now worth more than $5 billion a year to the New Zealand economy.
The Economic Valuation of International Education report by Education New Zealand shows the value of international education has risen from $4.8b last year to $5.1b this year.
Executive director Catherine Beard said international education was one of the country's leading exports, with earnings on a par with meat, forestry and horticulture exports.
"This is a significant economic enterprise by New Zealanders all over the country, and it has made international education one of our leading exports.
"Earnings from this export enterprise are now on a par with New Zealand's meat, forestry and horticulture exports."
The report included education and delivered overseas by New Zealand organisations, which has grown to earn the country $300m a year.