New Zealand Trade Deficit Narrows in October

The trade gap in New Zealand narrowed to NZD 1013 million in October of 2019 from NZD 1305 million in the same month of the previous year and compared to market expectations of a NZD 1621 million deficit. Exports rose 4.3 percent year-on-year to NZD 5035 million and imports declined 1.4 percent to NZD 6048 million. The twelve-month trade shortfall decreased to NZD 5037 million from NZD 5774 million a year earlier.
Statistics New Zealand | Mario | mario@tradingeconomics.com 11/27/2019 10:45:48 AM
Exports went up 4.3 percent over a year earlier to NZD 5035 million, after a 2.6 percent rise in the previous month, driven by higher sales of milk powder, butter, and cheese (+19.7 percent to NZD 1471), in particular milk powder (+32 percent). Also, sales of meat & edible offal jumped 29.4 percent to NZD 580 million, namely lamb (+27 percent) and beef (+39 percent). In contrast, sales of fruit plunged 23.1 percent to NZD 156 million, led by green kiwifruit (-38 percent).

Among main trade partners, exports rose to China (22.8 percent), and the US (4.2 percent); but dropped to the EU (-20.6 percent).

Imports fell 1.4 percent year-on-year to NZD 5774 million, following a 2.6 percent decline in the previous month, mainly due to lower purchases of vehicles, parts & accessories (-9.4 percent to NZD 656 million) and pharmaceutical products (-13.5 percent to NZD 124 million). In contrast, purchases of mechanical machinery and equipment jumped 9.7 percent to NZD 947 million and those of electrical machinery and equipment 6.9 percent to NZD 581 million.

By destination, imports declined from Japan (-16.4 percent), and China (-6.8 percent); while increased from the US (10.6 percent), Australia (3.3 percent) and the EU (1 percent).

New Zealand Trade Deficit Narrows in October