New Zealand Trade Deficit Widens Above Expectations


New Zealand’s trade deficit widened to NZD 1193 million in November of 2017 compared to a NZD 723 million gap in the same month of the previous year and expectations of a NZD 550 million deficit. Exports jumped 19.6 percent year-on-year to NZD 4.68 billion after advancing 16.2 percent in the previous month, booking a new high for a November month and the eighth-highest ever. Meantime, imports surged by 26.7 percent to a record NZD 5.82 billion after rising a downwardly revised 14.3 percent in October.

Exports increased by 19.6 percent year-on-year to 4,629 NZD million, nudged mainly by sound increases within the three main commodities: milk powder, butter & cheese (+21.7 percent vs +21.9 percent in October), meat & edible offal (+47.2 percent vs +20.1 percent), and logs, woods & wood articles (+50.5 percent vs +27.1 percent). In contrast, crude oil (-70.0 percent), aluminum & aluminum articles (-47.6 percent), and fruit (-27.7 percent) fell sharply in November. By destination, exports were nudged by China (+42.7 percent vs +35.3 percent in October) and the European Union (+42.1 percent). In contrast, exports to Japan (-18.2 percent) and to Korea (-3.6 percent) declined in November.

Imports soared 26.7 percent to 5,823 NZD million, mainly underpinned by aircraft and parts (+297.0 percent), mechanical machinery and equipment (+50.1 percent), Electrical machinery and equipment (+26.1 percent), petroleum & products (+24.0 percent), and vehicles, parts, and accessories (+17.9 percent). In contrast, no major category excluding sugars (-33.4 percent) and precious metals & jewelry (-19.2 percent) declined in November. By country of origin, imports from the United States rose by a sharp 94.7 percent) after only climbing 11.3 percent in the previous month. Imports from the European Union (+32.1 percent), Japan (+27.0 percent), Australia (+15.5 percent), and China (+15.0 percent) also jumped at high gear. 

New Zealand Trade Deficit Widens Above Expectations


Mario | mario@tradingeconomics.com
12/20/2017 12:38:22 PM