New Zealand Posts Trade Deficit in July
In July of 2013, New Zealand trade balance turned into a deficit of NZD 774 million, from NZD 374 million surplus in June and NZD 98 million surplus a year earlier, due to higher imports of aircraft and crude oil.
In July of 2013, exported goods were valued at NZD 3.8 billion, down by 4.8 percent from July of 2012. Crude oil exports decreased 64 percent, with quantities down 64 percent. Milk powder, butter, and cheese fell 13 percent, with quantities down 37 percent.
Shipments to Australia decreased 14 percent, due to crude oil, while those to China went up by 22 percent, led by sheep meat, and pine logs. Exports to the United States decreased 14 percent, led by beef meat, and natural milk constituents and shipments to Japan went down by 37 percent, led by crude oil and unwrought aluminium.
In July of 2013, imported goods were valued at NZD 4.6 billion, up by 17 percent from July of 2012. This is the highest value for any July month. The main contributor to this was aircraft and parts.
Excluding aircraft and parts, goods imported were valued at NZD 4.3 billion in July of 2013, up by 11 percent from a year earlier.
The value of all three main economic categories – capital goods, intermediate goods, and consumption goods – rose.
8/26/2013 12:12:02 AM