New Zealand Trade Deficit Widens on Rising Imports
New Zealand's trade gap increased to NZD 1350 million in September of 2014 from a NZD 221 million shortfall a year earlier. Exports to China decreased sharply and imports jumped on aircraft purchases.
In September 2014, merchandise exports were valued at NZD 3.6 billion for the month, down NZD 203 million (5.3 percent) from September 2013. Logs, wood, and wood article exports fell NZD 112 million (31 percent) to NZD 250 million, led by pine logs, down NZD85 million (39 percent). Milk powder, butter, and cheese fell NZD 110 million (12 percent) to NZD 798 million. This fall was due to whole milk powder, down NZD 134 million (28 percent).
The quantity of whole milk powder was down 6.1 percent, and pine logs were down 31 percent. China led the fall in both these commodities, with the whole milk powder quantity down 58 percent, and pine logs down 34 percent.
Imported goods were valued at NZD 5.0 billion, up NZD 927 million (23 percent) from September 2013. The rise in monthly imports was across the board, and led by large capital items due to imports of aircraft. Excluding large aircraft, goods imported were valued at NZD 4.5 billion in September 2014, up NZD 534 million (13 percent) from September 2013.
In the third quarter of 2014, exports fell 3.0 percent (to NZD 12 billion), led by dairy and imports rose 3.7 percent (to NZD 13 billion). Capital goods led the rise in imports, due to aircraft.
10/23/2014 11:22:15 PM