New Zealand Trade Gap Narrows in November
New Zealand trade deficit decreased 11.3 percent year-on-year to NZD 705 million in November of 2016, as imports fell faster than exports. It compares with market expectations of a NZD 500 million gap. For the year ended November 2016, the annual trade deficit was NZD 3.2 billion.
12/20/2016 10:17:19 PM
Exports declined 5.4 percent year-on-year to NZD 3855 million. Meat and edible offal led the fall, down NZD 158 million (-31 percent). In contrast, milk powder, butter, and cheese rose NZD 31 million (2.6 percent); logs, wood, and wood articles went up NZD 34 million (12 percent) and fruit increased NZD 16 million (27 percent). Exports to the EU fell NZD 116 million (-32 percent), and to the USA by NZD111 million (-23 percent). Other top export destinations (China, Australia, and Japan) showed little change.
Imports declined 6.4 percent to NZD 4560 million: capital goods led the fall, down NZD 326 million (-26 percent); intermediate goods declined NZD 53 million (-2.9 percent) and consumption goods fell NZD 34 million (-2.6 percent). In contrast, crude oil was up NZD 52 million (29 percent) in value. Of top import partners, the USA fell NZD 351 million (-46 percent), led by aircraft and parts. Other top import destinations (China, Australia, and Japan) rose in value.