New Zealand Posts NZ$323 Million Trade Deficit

(RTTNews) - New Zealand had a merchandise trade deficit of NZ$323 million in December, Statistics New Zealand said on Monday.

That exceeded expectations for a shortfall of NZ$975 million following the downwardly revised NZ$1.250 billion deficit in November.

Exports were down 8.7 percent on year to NZ$5.94 billion, down from the downwardly revised NZ$5.95 billion in the previous month (originally NZ$5.99 billion).

Exports of milk powder, butter, and cheese fell NZ$520 million (23 percent), to NZ$1.79 billion.

Imports sank an annual 13 percent to NZ$6.26 billion, down from the downwardly revised NZ$7.20 billion a month earlier (originally NZ$7.23 billion).

Imports of petroleum and products rose NZ$534 million (115 percent) to NZ$999 million.

For the fourth quarter of 2023, exports rose NZ$270 million (1.6 percent), following a 8.5 percent fall in the September 2023 quarter. Goods imports fell NZ$521 million (2.6 percent), following a 4.0 percent fall in the September 2023 quarter. The quarterly trade balance was a deficit of NZ$2.6 billion.

For all of 2023, annual goods exports were worth NZ$68.7 billion, down NZ$3.3 billion from the previous year. Imports were at NZ$82.3 billion, down NZ$4.3 billion from the previous year. The annual trade deficit was NZ$13.6 billion.