New Zealand's trade deficit reaches its highest level in a decade

Growth in demand for imported goods pushed New Zealand's trade balance to its widest deficit for a year in June in a decade, Statistics New Zealand

reported. NZ Stats said the deficit was $ 3.66 billion a year earlier. Annual imports increased from $ 6.02 billion to $ 59.55 billion, while exports increased from $ 5.65 billion to $ 55.52 billion. "Exports fell in 2015, resulting in a deficit that has since widened as a result of the steady rise in imports."

The last increase in annual imports was dominated by $ 24 billion of intermediate goods, up $ 3 billion from the previous year. I said. Oil and products, excluding gasoline, led the increase in intermediate goods, up $ 850 million. Then came transportation equipment parts, up $ 416 million, and machinery and machine parts, $ 413 million.

The rise in annual exports is mainly due to the increase in dairy products, the largest group of export products. increased $ 1.65 billion to $ 14.16 billion. The value of exports of meat and edible offal reached $ 7.05 billion and the value of forest products exports increased by $ 740 million to $ 4.96 billion.

For the month of June, New Zealand imports jumped 5.02 billion dollars against 4.45 billion dollars in June last year, and marking the highest level ever reached for a month of June. NZ Stats said the increase in oil exports rose $ 300 million while crude oil fell $ 35 million, an increase of $ 217 million, to $ 4.91 billion. a $ 58 million increase in the value of exports of meat and edible offal, lamb exports to China increased by $ 26 million. Exports of kiwifruit and milk, cereals, flour and starch also contributed to the rise in exports.

Export earnings were partially offset by a $ 84 million decline in the value of exports of milk powder, butter and cheese. billion. Exports of milk powder decreased by $ 162 million (25%), with quantity falling 32% due to falls in a number of key markets, including sharp declines in Algeria and China. However, exports of milk fat, including butter, increased by $ 93 million.

The monthly trade balance showed a deficit of $ 113 million, compared with a surplus of $ 243 million in June and the second month of June. last decade.

– BusinessDesk