New Zealand Trade Deficit Narrows in September



New Zealand’s trade deficit narrowed to NZD 1143 million in September of 2017 compared to a NZD 1388 million gap in the same month of the previous year and expectations of a NZD 900 million deficit. Exports advanced 8.9 percent year-on-year on strong demand from China and Japan, while imports only climbed by 1.4 percent after a sharp contraction in shipments from the United States. The annual trade deficit for the year ended August of 2017 narrowed modestly to NZD 2.91 billion, from NZD 3.20 billion in August of 2017.

New Zealand’s exports advanced by 8.9 percent year-on-year to NZD 3779 million in September after rising 9.0 percent in August. Growth was driven by a 28.3 percent surge in shipments of milk powder, butter, & cheese, which followed a modest 2.6 percent advance in the previous month. Meanwhile, exports of textiles fell 14.5 percent after growing 23.2 percent in August. By destination, shipments to China soared 33.4 percent and to Japan by 25 percent. In contrast, exports to South Korea contracted by 12.3 percent and to the United States by 2.5 percent. 

Imports went up to NZD 4922 million or 1.4 percent compared to a downwardly revised 5.2 percent jump in August. Purchases of petroleum & products, fell by 8.9 percent in September after surging 53.4 percent in August. In contrast, imports of vehicles, parts & accessories regained momentum, climbing 6.1 percent after edging up 0.1 percent in the previous month. By country of origin, imports from Japan surged 19.0 percent after plunging 14.0 percent in August. In contrast, exports to the United States plummeted by 32.1 percent after an 8.2 percent growth.

New Zealand Trade Deficit Narrows in September


Mario | mario@tradingeconomics.com
10/26/2017 10:45:06 AM