New Zealand Trade Deficit Narrows 40.7% YoY in July


New Zealand reported a NZD 433 million trade gap in July of 2016, compared to a NZD 730 million deficit a year earlier and above market expectations of NZD 320 million shortfall. Exports fell 4.9 percent, driven by lower sales of meat and edible offal, milk powder and fruits. Imports also declined by 10 percent, mainly due to intermediate goods.

Exports fell 4.9 percent year-on-year to NZD 3,963 million, mainly driven by meat and edible offal (-19 percent), milk powder (-23 percent) and fruit (-5.7 percent). Sales to China went down 4.3 percent, those to the United States decreased 8.7 percent, to Japan 9.3 percent and to EU 9.8 percent while sales to Australia increased 5.2 percent.

Imports declined 10 percent year-on-year to NZD 4,396 million as intermediate, capital and consumer goods shrank. Among intermediate goods, crude oil fell 48 percent; processed industrial supplies (eg chemicals and metal scraps) were down 8.8 percent; primary industrial supplies (other than food and beverages) decreased 37 percent. Purchases of machinery and plant decreased 12 percent while imports of transport equipment rose 7.1 percent. In addition, imports of non-durable goods (eg clothing and chemical sprays) decreased 3.8 percent; durable goods (eg household appliances) fell 7.7 percent and semi-durable goods (eg clothing and toys) shrank 13 percent. Imports fell from China (-9.3 percent), the European Union (-21 percent), Australia (-6.2 percent), Japan (-1.4 percent) while purchases from the US rose 13 percent. 

New Zealand Trade Deficit Narrows 40.7% YoY in July


Statistics New Zealand | Yekaterina Guchshina | yekaterina@tradingeconomics.com
8/24/2016 12:17:14 AM