New Zealand Trade Gap Narrows Slightly in August

The trade gap in New Zealand narrowed slightly to NZD 1565 million in August of 2019 from NZD 1567 million in the same month of the previous year, as exports rose 3.8 percent to NZD 4126 million and imports advanced at a softer 2.7 percent to NZD 5691 million. The twelve-month trade shortfall widened to NZD 5,484 million from NZD 4,894 million a year earlier.

Exports went up 3.8 percent over a year earlier to NZD 4,126 million, after a 7.1 percent fall in the previous month, boosted by higher sales of crude oil (590.7 percent to NZD 68 million); fruits (18.3 percent to NZD 371 million), namely gold kiwifruit (18 percent to NZD 26 million) and apples (63 percent to NZD 23 million); and milk powder, butter and cheese (6.2 percent to NZD 547 million), in particular milk & cream (70 percent to NZD 35 million) and milk powder (16 percent to NZD 32 million). In contrast, sales of logs, wood & wood articles retreated 13.6 percent to NZD 395 million. 

By destination, exports increased to China (13.4 percent), Australia (6.8 percent), and the US (1.8 percent), but fell to South Korea (-15 percent), Japan (-5.8 percent), and the EU (-5.2 percent). 

Imports advanced 2.7 percent to NZD 5,691 million, following a 2.1 percent gain in July, driven by higher purchases of mechanical machinery and equipment (7 percent to NZD 824 million) and petroleum and products (9.8 percent to NZD 647 million). On the other hand, imports dropped for vehicles, parts and accessories (-8.4 percent to NZD 755 million) and aircraft and parts (-54.4 percent to NZD 40 million). 

Among major trading partners, imports rose from Australia (5.2 percent), China (4.9 percent), and the US (0.8 percent), while dropped from Japan (-17.8 percent), the EU (-0.6 percent) and Thailand (-7.4 percent). 

New Zealand Trade Gap Narrows Slightly in August

Statistics New Zealand | Mario |
9/25/2019 9:13:46 AM