New Zealand Posts Trade Deficit in August

New Zealand posted a trade deficit of $789 million (24 percent of exports). August months are typically trade deficits. For the year ended August 2012, there was an annual trade deficit of $866 million (1.8 percent of exports)., Statistics New Zealand 9/26/2012 9:54:39 AM

Compared with August 2011 exports were down $116 million (3.4 percent) to $3.3 billion, Statistics New Zealand said. Mechanical machinery and equipment and crude oil had the largest decreases for the month. The fall was led by refrigeration equipment for storage and display, down $37 million (90 percent). Crude oil fell a similar amount, down $61 million (32 percent) with quantities down 28 percent.

Export values fell in August 2012 for Petroleum and products other than crude oil, down $27 million (55 percent), and Meat and edible offal, down $18 million (5.6 percent).

Imports showed little change in August 2012, merchandise imports were valued at $4.1 billion, down $17 million (0.4 percent) from August 2011.

The trend for merchandise export values, which reflects how export values have changed over time, was falling from its high of November 2011, but now appears to have risen since March 2012.

New Zealand Posts Trade Deficit in August