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

 


NZ turns to a trade gap in July, led by falling log prices

NZ turns to a trade deficit in July, led by falling log prices

By Tina Morrison

Aug. 26 (BusinessDesk) - New Zealand posted its first monthly trade deficit in nine months in July, led by falling prices for export logs and wood products.

Statistics New Zealand said the country had a trade deficit of $692 million in July, bigger than the $475 million deficit forecast in a Reuters poll of economists. Exports in July fell 3.3 percent from the same month a year earlier to $3.7 billion, lower than the $3.98 billion expected by economists in the Reuters poll. Imports dropped 4.8 percent to $4.4 billion, close to the $4.5 billion forecast.

Falling prices for New Zealand pine log exports to China led the export declines. Exports of logs and wood products, New Zealand’s third largest commodity export, fell 16 percent to $282 million in July from the same month a year earlier while volumes were little changed.

While China remained New Zealand’s largest trading partner, the country’s exports to Asia’s largest economy fell 5.4 percent in July to $615 million, led by declines in pine logs and infant food.

Meanwhile, exports of milk powder, butter and cheese, New Zealand’s largest commodity export, rose 0.9 percent to $931 million in July from the year earlier month as quantities rose 16 percent. The rise was led by milk powder, while butter and cheese fell, the statistics agency said.

Exports to Australia, New Zealand’s second largest market, declined 7.1 percent to $687 million in the month over a range of commodities, the agency said.

However exports to the US, the third largest market, jumped 18 percent to $363 million, led by casein and caseinates and frozen beef.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Errors Found: Electricity Authority Dumps Transmission Pricing Modelling

The Electricity Authority is ditching the cost-benefit analysis at the heart of its controversial attempt to find a new way to divide up costs for the national grid after finding an expanding range of serious computational errors in the work by Australian consultancy Oakley Greenwood. More>>

ALSO:

New Record: Migrant Arrivals At 129,500 A Year

Annual net migration has been steadily increasing since 2012. "This was mainly due to the rising number of migrant arrivals to New Zealand," population statistics senior manager Peter Dolan said. "Fewer migrant departures also contributed to the increase in net migration." More>>

ALSO:

Launched: NASA's Super Pressure Balloon Takes Flight From NZ

NASA successfully launched its football-stadium-sized, heavy-lift super pressure balloon (SPB) from Wanaka, New Zealand, at10:50 a.m. Tuesday, April 25 (6:50 p.m. April 24 in U.S. Eastern Time), on a mission designed to run 100 or more days floating at 110,000 feet (33.5 km) about the globe in the southern hemisphere's mid-latitude band. More>>

ALSO:

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news