New Zealand Trade Balance Swings To Deficit in January
New Zealand posted a trade gap of NZD 285 million in January of 2017 compared to a NZD 12 million surplus in the same month of the previous year. It was the biggest deficit for any January since 2013 and was well above expectations of a NZD 3 million gap.
Exports edged up 0.3 percent year-on-year to NZD 3.91 billion, led by rebounds for milk powder, butter, and cheese (4.5 percent from -2.9 percent in December), and meat and edible offal (2.7 percent from -13.0 percent). In contrast, exports declined for logs, wood, and wood articles (-4.0 percent from 17.0 percent). Fruits exports increased at a softer pace of 16.8 percent (from 19 percent in the previous month). Shipments increased to Australia (12.8 percent) and China (12.3 percent), but declined to South Korea (-34.8 percent), the EU (-25.9 percent), Japan (-10.6 percent), and the United States (-6.1 percent).
Imports surged 8.0 percent to NZD 4.19 billion in January, led by petroleum and products (+52.6 percent from +5.3 percent); vehicles, parts, and accessories (+28.3 percent from +15.0 percent); and electrical machinery and equipment (+14.8 percent from -2.6 percent). Imports increased from Japan (+39.7 percent), the United States (+13.8 percent), and the European Union (+0.6 percent). Shipments from Korea (-4.9 percent), Australia (-2.2 percent), and China (-0.5 percent) declined.
2/28/2017 12:55:42 AM