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

 

NZ annual trade deficit reached nine-year high in July

NZ annual trade deficit reached nine-year high in July on rising oil prices

By Rebecca Howard

Aug. 24 (BusinessDesk) - New Zealand's annual trade deficit for July was the widest in nine years as petroleum imports soared, though it was slightly narrower than economists had expected as dairy exports continued to push higher.

The country's annual trade deficit widened to $4.4 billion in July from $3.2 billion a year earlier, Statistics New Zealand said. Economists had been expecting an annual deficit of $4.5 billion, according to the median in a Bloomberg poll of 10. It was the largest annual deficit since March 2009.

Annual imports for the year ended July were $60.7 billion, up $6.9 billion from the year ended July 2017. Annual exports were $56.2 billion, up $5.7 billion on the year.

“The rise in imports in the past year reflect large rises in both imports of petroleum and products, and in mechanical machinery and equipment. Exports of dairy and meat products led the exports rise,” international statistics manager Tehseen Islam said.

Imports of petroleum and products for the year ended July rose 30 percent to $6.5 billion, largely due to higher international crude oil prices.

For the year ended July, the value of dairy exports increased 11 percent to $14.4 billion. Milk fats including butter led this rise, up $955 million. Milk powder exports also increased, up $373 million.

For the July month, the trade deficit was $143 million versus the $400 million deficit economists had expected. Imports lifted 21 percent to $5.5 billion as petroleum and products lifted 84 percent to $165 million.

“Crude prices are much higher than they were at the same time last year. These price increases have driven an increase in values, as quantities are much the same,” Islam said.

Exports for the month rose 16 percent to $5.35 billion. The export values of dairy products increased 21 percent from July 2017, reaching $1.5 billion, the highest since last December.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

LA-London Out; Auckland-NY In: "New Era" For Air NZ International

Air New Zealand is accelerating its ambitions for North America and will launch a non-stop service between Auckland and New York using its 787-9 Dreamliner in October 2020. More>>

ALSO:

Data Investment: Govt Backs Te Reo, Environmental Data Research

The Government is investing in ambitious research that will digitise Te Reo, grow the low-carbon protein efficient aquaculture industry, help interpret environmental trends, and large data sets says Research, Science and Innovation Minister Megan ... More>>

ALSO:

Training: 27 Percent Increase In Trades Academy Places

Two secondary-school initiatives are being expanded as part of the Government’s plan to see more young New Zealanders take up a trade to help close the skills gap. More>>

ALSO:

Unsolicited Messages: NZ Company Fined $36,000

The New Zealand Trustees Association (NZTA) and founder, Errol Anderson, have been fined a total penalty of NZ$ 44,000 in the Auckland High Court for sending unsolicited commercial electronic messages. More>>

Marine And Freshwater Reports: EDS Calls For Urgent Action On Marine Management

“There are some big issues to address. These include many marine species and habitats that are in serious trouble. Of the sample investigated, the report finds that 22% of marine mammals, 90% of seabirds and 80% of shorebirds are threatened with or actually at risk of extinction..." More>>

ALSO: