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Trade deficit largest at near six-level high

Author
Sam Thompson,
Publish Date
Tue, 26 May 2015, 5:46PM
Photo: Stock.xchng
Photo: Stock.xchng

Trade deficit largest at near six-level high

Author
Sam Thompson,
Publish Date
Tue, 26 May 2015, 5:46PM

Stronger than expected exports outside the dairy and meat sectors, has kept the April trade balance in surplus of $123 million.

Milk powder, butter, and cheese led the $240 million drop in exports.

But ASB rural economist Nathan Penny says it has been offset by exports such as fruit and wine.

"We were a touch surprised the trade balance for April was a bit stronger than we had factored in.

"It appears that exports, outside the two biggies in dairy and meat, were a bit stronger than we had expected."

Trade deficit for the year to April was $2.6 billion, the largest annual trade deficit since the year ended June 2009.

Imports rose 2.6 percent to $4 billion in April.

Statistics New Zealand says other significant commodity group changes were fruit exports, up $62 million, and crude oil exports, down $63 million, compared with April 2014.

 

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