New Zealand trade balance swung into a NZD 60 million deficit in June of 2015 from a 240 NZD million surplus a year earlier. It is the first deficit for a June month since 2009, due to a surge in imports from China.
Imports were up 9.0 percent year-on-year to NZD 4.3 billion in June. This was despite the import of large aircraft in June last year and no similar imports this June. The rise was across a range of commodities, including consumption goods from China (such as clothing) and machinery and plant from China (such as mobile phones). Yet, depreciation of the New Zealand dollar which was 10.5 percent lower in June than a year earlier also accounted for the surge in imports.
Exports rose 1.3 percent to NZD 4.2 billion, despite milk powder, butter, and cheese exports being down. Logs, meat and fruit led the rise.
Considering the June quarter, exports and imports rose 0.4 percent each, bringing the trade deficit to NZD 460 million. This is the fifth consecutive quarterly trade deficit. The last surplus was in the March 2014 quarter.
7/24/2015 12:13:35 AM