New Zealand February Trade Deficit Largest Since 2007


New Zealand posted a trade deficit of NZD 18 million in February of 2017 compared to a NZD 366.9 million surplus in the same month of the previous year. It was the biggest trade deficit for any February since 2007 and was well below expectations of a NZD 160 million surplus. The annual trade deficit for the year ended February 2017 was $3.8 billion, the largest since April 2009.

Exports fell 5.5 percent year-on-year to NZD 4.00 billion in February, mainly affected by a 98.8 percent fall in ships, boats & floating structures. The largest component, meat & edible offal rose by 4.4 percent (from +2.7 percent in January). The second largest component, logs, wood & wood articles fell 1.7 percent (from -4.0 percent). Shipments increased to China (6.3 percent from +12.3 percent in January) and Australia (2.1 percent from +12.8 percent in January), but declined to the EU (9.6 percent from -25.9 percent), South Korea (9.0 percent from -34.8 percent), Japan (5.7 percent from -10.6 percent), and the United States (3.0 percent from -6.1 percent).

Meanwhile, imports increased by 4.0 percent to NZD 4.02 billion, led mainly by a 20.3 percent increase in vehicles, parts & accessories (from +28.3 percent in January), and a 32.0 rise in petroleum & products (from +52.6 percent). Imports increased from Japan (6.3 percent from +39.7 percent in January) and the EU (2.9 percent from +0.6 percent). Shipments declined from China (10.2 percent), Australia (9.2 percent), and the United States (2.5 percent). 

Mario | mario@tradingeconomics.com
3/23/2017 10:34:36 PM