MNI New Zealand Posts Trade Deficit In Jun Due To Fuel Imports

By Sophia Rodrigues

     SYDNEY (MNI) - New Zealand posted a trade deficit in June due mainly to a

rise in fuel imports, and the second quarter also saw a deficit in seasonally

adjusted terms for the 17th straight quarter. 

     Data published by Statistics New Zealand Wednesday showed the trade balance

recorded a deficit of NZ$113 million in June, compared with revised surplus of

NZ$208 million in May, and defying expectations for a NZ$175 million surplus.

     Both exports and imports rose to record highs for a June month. Exports

rose 4.6% y/y to NZ$4.9 billion and imports rose 13% y/y to NZ$5.0 billion.

     Exports were led higher by a rise in meat - mainly lamb, fruit - mainly

kiwifruit, petroleum and products, which offset a 25% fall in milk powder as

volumes dropped.

     Imports rose mainly due to a 64% rise in petroleum and products, and a jump

in fishing vessels. 

     China remained New Zealand's top destination for exports, up 6.2% to NZ$1.1

billion. 

     In Q2, New Zealand posted a trade deficit of NZ$1.3 billion as exports rose

4.5% q/q to NZ$14.1 billion and imports rose 1.2% q/q to NZ$15.4 billion.

--MNI Sydney Bureau; tel: +61 2-9716-5467; email: sophia.rodrigues@marketnews.com

[TOPICS: MANDA$,MANDS$,MMNRB$,M$A$$$,M$N$$$,MT$$$$]