High energy costs have been blamed for New Zealand going from a trade surplus a year ago to a deficit in the June quarter.
Total exports of goods and services for the June quarter were $23.3 billion, up from $21.1b one year ago.
And total imports of goods and services for the June quarter this year were $25.5b, well up from $20.4b in the June 2021 quarter.
Energy costs had pushed up import prices, ANZ Research said after Stats NZ released the trade data today.
"Both import and export prices lifted, but the recent strength in energy prices pushed import prices up 6.5 per cent, outpacing the 3.7 per cent increase in export prices," ANZ research added.
The total two-way trade for the June 2022 quarter was $48.9b.
"The OTI goods terms of trade fell 2.4 per cent in Q2, as import price gains accelerated even more sharply than export prices," ANZ Research added today.
"Energy prices, which influence imports, have lifted even more quickly than the prices of the food and fibre we export."
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