New Zealand August Trade Deficit Hits New High
In August of 2013, New Zealand trade balance turned into a deficit of NZD 1.2 billion, mainly due to a one-off large capital import item. This is the largest deficit for any August month and is 47 percent larger than the deficit for August of 2012.
9/25/2013 12:10:35 AM
Exports showed little change from a year earlier (up by 0.6 percent) to NZD 3.3 billion. The increase was led by logs, wood, and wood articles, aluminium and aluminium articles. Partly offsetting these increases were crude oil and fruit.
Milk powder, butter, and cheese (New Zealand’s largest export commodity group) fell 1.8 percent.
Imported goods were valued at NZD 4.5 billion, up by 9.7 percent from August of 2012. This is the largest value for any August month. The main contributor to this increase was capital goods, which included the large one-off import of a drilling platform.