New Zealand Posts Trade Deficit in November
New Zealand recorded a NZD 213 million trade gap in November of 2014, following a NZD 153 billion surplus a year earlier, due to lower exports to China. Yet, it is the smallest November deficit since 2010.
12/22/2014 9:59:41 PM
Year-on-year, total goods exports fell 9.5 percent to NZD 4.0 billion while imported goods fell 1.3 percent to NZD 4.2 billion.
Dairy exports drove the fall, down 27 percent, with the quantity down 3.1 percent. The fall in dairy reflects the record high levels exported, mainly to China, in November 2013. A 20 percent rise in meat exports partially offset the fall, led by a price-driven rise in frozen beef.
The trend for exports to China is 42 percent lower than the series peak in December 2013, and is now at similar levels to 2012.