There are signs our annual trade deficit is closing, but not closing enough. 

Stats NZ data for October shows it reduced to around $14.8 billion from more than $15 billion in September. 

Exports have also fallen by more than 500 million dollars on last year, while imports were down by $1.2 billion. 

ANZ Chief Economist Sharon Zollner told Mike Hosking that the gap is narrower, but still significant. 

She says we've had an overheated economy with a lot of imports, and we're also working through what's been stocked up from shipping disruptions. 

LISTEN ABOVE 

• Trade deficit numbers remain a "concern"