Leon Bernie's side have been defeated 2-0 by Spain in their semifinal clash in Montevideo this morning.
Goals on either side of halftime by Pina and Irene booked Spain a spot in the final where they will face either Mexico or Canada.
New Zealand will now play in Sunday's Bronze Final against the loser of the second semifinal.
The under-17 side were the first New Zealand team across any FIFA World Cup competition to reach the final four after beating Japan in the quarter-finals.