New Zealand Trade Deficit Widens in July

The trade gap in New Zealand rose to NZD 685 million in July of 2019 from NZD 203 million in the same month of the previous year, as exports declined 5.8 percent to NZD 5,028 million while imports advanced 3.1 percent to NZD 5,713 million. The twelve-month trade shortfall widened to NZD 5,463 million from NZD 4,501 million a year earlier.

Exports fell 5.8 percent year-on-year to NZD 5,028 million, after a downwardly revised 1.5 percent gain in the previous month, dragged down by lower sales of milk powder, butter and cheese (-16.1 percent); meat and edible offal (-6.6 percent) and logs, wood and wood articles (-18.7 percent).

By destination, exports went down to the US (-8.8 percent), Korea (-12.6 percent) and the UK (-11.2 percent). In contrast, shipments increased to China (2.4 percent), Australia (0.8 percent) and Japan (6.8 percent). 

Imports went up 3.1 percent year-on-year to NZD 5,713 million, after falling an upwardly revised 10.2 percent in the prior month, due to higher purchases of mechanical machinery and equipment (10.8 percent). On the other hand, imports dropped for vehicles, parts and accessories (-4.0 percent) and petroleum and products (-10.7 percent). 

Among major trading partners, imports went up from Australia (12.7 percent), the US (5.7 percent) and Germany (34.8 percent). Meanwhile, purchases dropped from China (-1.8 percent), Japan (-2.5 percent) and the United Arab Emirates (-27.6 percent). 

New Zealand Trade Deficit Widens in July

Statistics New Zealand | Rafael Gonzalez |
8/26/2019 7:48:11 AM