The trade gap in New Zealand narrowed to NZD 753 million in November of 2019 from NZD 1004 million in the same month of the previous year and compared to market expectations of a NZD 875 million deficit. Exports rose 7.6 percent year-on-year to NZD 5228 million and imports climbed 2 percent to NZD 5981 million. The twelve-month trade shortfall decreased to NZD 4816 million from NZD 5556 million a year earlier. Balance of Trade in New Zealand averaged -63.37 NZD Million from 1951 until 2019, reaching an all time high of 1157.64 NZD Million in April of 2011 and a record low of -1641.63 NZD Million in August of 2019. source: Statistics New Zealand
Balance of Trade in New Zealand is expected to be 300.00 NZD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in New Zealand to stand at -300.00 in 12 months time. In the long-term, the New Zealand Balance of Trade is projected to trend around -100.00 NZD Million in 2020, according to our econometric models.
New Zealand Balance of Trade
New Zealand is greatly dependent on international trade. New Zealand's economy has traditionally been based on a foundation of exports from its very efficient agricultural system: dairy products, meat, forest products, fruit and beverages. New Zealand imports mainly vehicles, machinery and equipment, petroleum, electronics, plastics and aircraft. Its main trading partners are: China, Australia, the US, Japan and South Korea.