New Zealand Trade Deficit Widens to 11-Month High

New Zealand trade gap increased to NZD 1035 million in August of 2015, up from a NZD 465 million deficit a year earlier. While exports expanded by 5.6 percent, imports rose at a much faster 19 percent.

Year-on-year, total goods exports increased by NZD 197 million to NZD 3.7 billion, as meat sales went up by 33.6 percent to NZD 430 million, boosted by a 46 percent rise in beef sales. Also, exports of fruit were up by 62.5 percent to NZD 272 million. Export increases were reported for China (+0.5 percent); the US (+15.4 percent), South Korea (+3.2 percent) and the UK (+42.3 percent); while decreases were reported for Australia (-2.3 percent) and Japan (-1.7 percent).

Imports rose by NZD 767 million to NZD 4.8 billion compared to August of 2014. Purchases of capital goods rose the most, as machinery and plant increased by 18.5 percent and transport equipment by 70.8 percent. Also, imports of consumer goods rose by 24.7 percent. By contrast, purchases of crude oil fell 36.6 percent. Higher purchases came from China (+33.9 percent), the US (+57.5 percent), Japan (+18.2 percent), Germany (+15.7 percent) and South Korea (+14.7 percent). Meanwhile, imports from Australia fell 5.7 percent.

For the year ended August 2015, the annual goods trade deficit was NZD 3.3 billion. 

New Zealand Trade Deficit Widens to 11-Month High

Statistics New Zealand | Joana Ferreira |
9/24/2015 12:37:57 AM