New Zealand Trade Deficit Narrows in October
In October of 2013, New Zealand posted a 168 million NZD trade deficit, down from a NZD 714 million deficit in the same month of the previous year. Exports recorded the highest value for any October month, and coincides with the highest-ever level of exports to China for any month.
11/27/2013 10:30:47 AM
In October of 2013, the value of goods exported rose 23 percent over a year ago to NZD 4.2 billion.
Sales of milk powder, butter, and cheese increased 85 percent year-on-year, while quantities increased 22 percent. Shipments of logs, wood, and wood articles rose 26 percent yoy, due to pine logs; aluminium and aluminium articles grew 180 percent, due to unwrought aluminium and casein and caseinates rose 39 percent. Crude oil had the largest offsetting decrease, down 62 percent.
Exports to China rose 133 percent over a year earlier and exceeded sales to Australia for the first month since March of2013, and only the fourth month ever.
Imported goods went up by 5.7 percent over October of 2012 NZD 4.4 billion. This is the highest value of goods imported for an October month since 2008. Imports of all three main economic categories – intermediate goods, consumption goods, and capital goods – rose.