Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ records fourth straight monthly trade deficit

NZ records fourth straight monthly trade deficit on fall in dairy, oil exports

Jan. 10 (BusinessDesk) – New Zealand recorded its fourth monthly trade deficit in a row due to a drop in exports of dairy products and crude oil, and resulting in a wider-than-expected annual gap.

The trade deficit was $700 million in November, widening from $666 million in October and from $577 million in the same month a year earlier, according to Statistics New Zealand. The annual deficit widened to $1.46 billion from $1.33 billion in the 12 months through October and from a small surplus in the same period a year earlier.

The annual trade gap exceeded the $1.34 billion forecast in a Reuters survey of seven economists. Exporters are having to cope with the headwinds of a New Zealand dollar that broke above 84 US cents overnight and has appreciated by 7.2 percent on a trade-weighted basis in the past 12 months.

Total exports fell 2.4 percent from a year earlier to $3.81 billion. Exports of milk powder, butter and cheese fell 10.3 percent in November from a year earlier to $1.06 billion. Shipments of meat and edible offal jumped 10.2 percent on the same basis to $341 million while exports of logs and wood gained 19 percent to $287 million – not enough to offset the fall in dairy.

“Conditions for exporters are likely to remain challenging, with the recovery in global demand likely to be only modest and the elevated NZD continuing as a headwind,” said Jane Turner, economist at ASB. “The gradual pace of domestic recovery has resulted in a slight pick-up in imports.”

Exports of crude oil fell 23 percent to $95 million while imports of petroleum and related products jumped 46 percent to $876 million.

Imports of mechanical machinery gained 9 percent to $541 million and imports of vehicles rose 21 percent to $533 million. Total imports rose 0.6 percent to $4.51 billion.

China remained the biggest source of imports, falling 4.7 percent to $737 million while goods from Australia fell 2 percent to $676 million and those from the US dropped 37 percent to $384 million.

Australia held its position as the biggest export market, with shipments falling 14 percent to $795 million in November from a year earlier. Exports to China surged 60 percent to $691 million and shipments to the US climbed 25 percent to $368 million.

The deficit in November amounted to 18 percent of exports. On a seasonally-adjusted basis the monthly deficit was $282 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news