New Zealand Trade Deficit Narrows 6.4% YoY in October
New Zealand posted a trade gap of NZD 846 million in October of 2016, compared to a NZD 904 million deficit a year earlier and better than market expectations of NZD 950 million shortfall. It was the smallest gap recorded since July when the trade balance swung into deficit. Exports went up by 2.2 percent, due to higher sales of dairies. Imports rose by 0.2 percent, led by increase in purchase of capital goods.
Exports rose 2.2 percent year-on-year to NZD 3,897 million, due to higher sales of milk powder, butter, and cheese (+13 percent); logs, wood, and wood articles (+25 percent); fruits (+40 percent), while sales of meat and edible offal fell (-18 percent). Outbound shipments increased to China (+7.9 percent) and Japan (+12 percent), while export went down to Australia (-6.5 percent); the US (-3.2 percent) and the EU (-9.7 percent).
Imports went up slightly by 0.2 percent year-on-year to NZD 4,743 million, led by higher purchase of capital goods (+27 percent). In contrast, imports decreased for intermediate goods (-11 percent); consumer goods (-5.3 percent) and crude oil (-17 percent). Within the top import partners purchases rose to the EU (+1.4 percent); the US (+45 percent) and Japan (+16 percent), while imports fell to China (-10 percent) and Australia (-8.5 percent).
11/24/2016 10:37:10 PM