Trade deficit narrows on record import slump

The largest ever drop in seasonally adjusted imports helped New Zealand record its smallest quarterly trade deficit in seven years, Statistics New Zealand said today.

The seasonally adjusted trade balance was a deficit of $65 million in the March 2009 quarter, the smallest deficit recorded since June 2002.

This quarter’s figure follows five years of quarterly deficits that have generally been in excess of $1 billion.

The value of seasonally adjusted imports recorded its largest ever fall in the March 2009 quarter, down 12.8% ($1.6 billion) compared with the December 2008 quarter.

This fall was led by a $1.3 billion decrease in intermediate goods, as falling crude oil prices coincided with a drop in the quantity of oil imported.

The value of seasonally adjusted exports fell 4% ($449 million) in the March 2009 quarter.

A price-led fall in milk powder, butter and cheese exports, and falls in crude oil drove this decrease.

Aluminium and aluminium articles decreased in both quantity and price.

The monthly value of merchandise exports exceeded $4 billion for the first time in March 2009, up 17.7% on March 2008, boosted by strong increases in meat and edible offal, and the export of large aircraft.

The actual value of merchandise imports also rose in the March 2009 month, up 6.9% due to increased imports of mechanical and electrical machinery and equipment.

The trade balance for the March month was a surplus of $324 million.


Got a question about this story? Leave it in Comments & Questions below.

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 0.6952 0.0000 0.00%
AUD 0.8901 0.0000 0.00%
EUR 0.5907 0.0000 0.00%
GBP 0.5276 0.0000 0.00%
HKD 5.4294 0.0000 0.00%
JPY 78.9230 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1278.6 -9.430 2017-10-20T00:
Oil Brent 57.8 0.550 2017-10-20T00:
Oil Nymex 51.9 0.580 2017-10-20T00:
Silver Index 17.0 -0.177 2017-10-20T00:

Indices

Symbol Open High Last %
NZX 50 8124.1 8142.3 8124.1 0.07%
NASDAQ 6633.4 6640.0 6605.1 0.36%
DAX 13057.8 13063.6 12990.1 0.01%
DJI 23205.2 23328.8 23163.0 0.71%
FTSE 7523.0 7560.0 7523.0 0.00%
HKSE 28360.0 28519.8 28159.1 1.17%
NI225 21391.0 21489.3 21448.5 0.04%
ASX 5896.1 5924.9 5896.1 0.17%