New Zealand Trade Deficit Narrows in September
In September of 2013, New Zealand posted a 199 million NZD trade deficit, down from a 1234 million NZD deficit in the previous month and a 791 million NZD deficit a year earlier. Exports increased by an annual 17 percent, boosted by higher milk powder and pin log sales to China.
10/23/2013 11:14:35 PM
Exports reached NZD 3.8 billion. Milk powder, butter, and cheese exports rose 52 percent, led by whole milk powder, (up by 75 percent). This is the highest value on record for a September month, and is 34 percent higher than the next-highest value, of September of 2011.
Shipments of crude oil rose 84 percent year-on-year and exports of logs, wood, and wood articles increased 45 percent, due to pine logs.
Exports to China showed the largest increase, up by NZD 347 million (74 percent), followed by Singapore – up by NZD 83 million (118 percent) and Australia – up by NZD 38 million. Japan showed the largest decrease, down by 16 percent, due to unwrought aluminium.
Imported goods were valued at NZD 4.0 billion, down by 1.2 percent from September of 2012, mainly due to a 28 percent fall in crude oil imports.
In the third quarter of 2013, exports rose 9.4 percent, after adjusting for seasonal effects, and imports increased 8.4 percent, resulting in a deficit of NZD 637 million, equivalent to 5.3 percent of exports. This follows a deficit of NZD 689 million in the June quarter.