Trade deficit edges lower as Australian exports, imports shrink

BUSINESSDESK: New Zealand's trade deficit narrowed in September as imports and exports across the Tasman shrank, led by falling international dairy sales and declining foreign machinery purchases.

The trade deficit of $791 million in September was less than a revised $809 million a month earlier, Statistics New Zealand says. The shortfall was almost identical to the same month a year earlier, and smaller than the $825 million deficit forecast in a Reuters survey of economists.

The annual deficit of $888 million was in line with expectations.

Trade flows with Australia, New Zealand's biggest trading partner, shrank in September, with exports falling 8.3% to $824 million and imports down 13% to $586 million from the same month a year earlier.

Statistics NZ says New Zealand sold less unwrought gold, cheese and crude oil to Australia, and bought less cane sugar, aluminium oxide and fertilisers.

China, the country's second-biggest trading partner, picked up the slack, with monthly exports rising 23% to $468 million and imports edging up 1.1% to $718 million.

Exports to the US, New Zealand's third-biggest partner, picked up, rising 12% to $257 million in September, though imports declined 18% to $336 million.

Milk powder, butter and cheese exports fell 12% to $597 million in the month, and aluminium and aluminium articles sales sank 20% to $79 million. Dairy products account for about 27% of New Zealand's annual $46.77 billion in exports.

Imported mechanical machinery and equipment dropped 11% to $472 million in September, while vehicles, parts and accessories fell 8.4% to $406 million.


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7268 0.0010 0.14%
AUD 0.9329 -0.0009 -0.10%
EUR 0.6428 0.0006 0.09%
GBP 0.4821 0.0007 0.15%
HKD 5.6343 0.0077 0.14%
JPY 85.3050 0.2540 0.30%

Commods

Commodity Price Change Time
Gold Index 1278.5 26.140 2015-01-30T00:
Oil Brent 54.0 -0.170 2015-01-30T00:
Oil Nymex 48.2 3.580 2015-01-30T00:
Silver Index 17.2 0.435 2015-01-30T00:

Indices

Symbol Open High Last %
NZX 50 5759.8 5766.7 5752.3 -0.14%
NASDAQ 4671.2 4703.8 4683.4 -1.03%
DAX 10801.4 10804.0 10737.9 -0.41%
DJI 17416.8 17419.9 17416.8 -1.45%
FTSE 6810.6 6844.0 6810.6 -0.90%
HKSE 24771.4 24771.4 24595.8 -0.36%
NI225 17536.6 17560.6 17674.4 -0.76%