New Zealand Trade Gap Widens 16% YoY in August


New Zealand posted a NZD 1265 million trade deficit in August of 2016, compared to a NZD 1090 million shortfall a year earlier and missing market expectations of NZD 766 million gap. Exports dropped by 8.7 percent, led by lower sales of milk powder, butter, and cheese. Imports fell by 3.1 percent, driven by a cut in purchase of capital goods.

Exports dropped by 8.7 percent year-on-year to NZD 3,390 million, led by lower sales of milk powder, butter, and cheese (-22.2 percent), meat and edible offal (-26 percent). Outbound shipments declined to Australia (-0.3 percent); the US (-16.6 percent); Japan (-4.5 percent); United Kingdom (-12.4 percent) and South Korea (-27.4 percent) while exports to China rose by 2 percent.

Imports fell by 3.1 percent year-on-year to NZD 4,652 million, mostly driven by a cut in purchase of capital goods (45 percent). Meantime, imports also decreased for crude oil (-38 percent); aircraft and parts (-65 percent) and electrical machinery equipments (-6.2 percent). Purchases went down from China (-2.9 percent), the US (-34 percent), Thailand (-3.9 percent), while imports from Australia increased 11.1 percent.


New Zealand Trade Gap Widens 16% YoY in August


Statistics New Zealand | Mojdeh Kazemi | mojdeh@tradingeconomics.com
9/26/2016 12:55:51 PM