MNI New Zealand Trade Deficit Widest On Record As Exports Fall

By Sophia Rodrigues

     SYDNEY (MNI) - New Zealand recorded the widest trade deficit on record in

August as exports fell 24% month-on-month while imports were flat. 

     Data published by Statistics New Zealand Wednesday showed the overseas

merchandise trade posted a deficit for the third straight month, at NZ$1.48

billion in August compared with NZ$196 million deficit in July. The outcome was

worse than MNI median forecast for a deficit of NZ$1.0 billion.

     Imports were little-changed in August compared with July and was the third

highest on record, which pushed the annual deficit to NZ$4.8 billion compared

with NZ$4.5 billion in the year to July.

     On a y/y basis though exports were up 9.9% and imports rose 13.9%.

     In seasonally adjusted terms, overseas trade recorded a deficit in eleven

of the twelve months to August, with a total deficit of NZ$4.9 billion. In

August the deficit was NZ$434 million compared with a deficit of NZ$378 million

in July.

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

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