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

 

Price Of Cheese: Dairy Product Prices Fall To The Lowest This Year

Dairy product prices fell in the latest GlobalDairyTrade auction, hitting the lowest level in the 2015 auctions so far, as prices for milk powder and butter slid amid concern about the outlook for commodities. More>>

ALSO:

Houston, We Have An Air Route: Air New Zealand To Fly Direct To The Heart Of Texas

Air New Zealand will fly its completely refitted Boeing 777-200 aircraft between Auckland and Houston up to five times a week opening up the state of Texas as well as popular nearby tourist states such as Louisiana and Florida. More>>

ALSO:

Scoop Business: Reserve Bank’s Spencer Calls On Govt To Rethink Housing Tax

The Reserve Bank has urged the government to take another look at a capital gains tax on investment in housing, allow increased high-density development and cut red tape for planning consents to address an over-heated Auckland property market. More>>

ALSO:

The Nation: Call For Cross-Party Auckland Housing Plan

Penny Hulse calls for cross-party accord on Auckland housing because “it’s too important to score political points on”. More>>

ALSO:

Flu Season: Overcoming Vaccination Reluctance

While research shows that 40% of New Zealand businesses offer free or subsidised flu vaccinations to employees this time of year, HR professionals say persuading staff to participate is the biggest challenge. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news