New Zealand's trade deficit narrowed month-on-month in December but it did little to help the full year 2022 trade deficit more than double from the previous year.

Goods exports rose 11% y/y to NZD6.7 billion in December, while imports rose 1.8% y/y to NZD7.2 billion, according to StatsNZ. The monthly trade balance was a deficit of NZD475 million. The annual trade deficit was NZD14.5 billion in 2022, up from NZD7.1 billion in 2021.

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New Zealand's trade deficit narrowed month-on-month in December but it did little to help the full year 2022 trade deficit more than double from the previous year.

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MNI BRIEF: NZ Trade Deficit Doubles In 2022