Trade dips into the red - thanks to single aircraft purchase
Exports and imports grew during January, but imports slightly faster.
Trade figures dipped into deficit in January, with a single aircraft purchase fingered for pushing the country into the red.
Both exports and imports grew over the month, according to figures released this morning by Statistics New Zealand, but the monthly trade balance dipped to a deficit of $199 million, following the previous month's surplus of $306 million.
The annual trade balance is a surplus of $646 million.
The large aircraft purchase skewed the monthly figure into deficit, with a spike of $236 million in imports of aircraft and related equipment and parts.
Overall, imports rose 19% to $3.9 billion.
Excluding one-off items, such as a single aircraft purchase during the month, imports rose to $3.7 billion, up 13%.
That would take the trade balance to a small, $14 million surplus for the month.
The increases were in capital and intermediate goods rather than in consumption goods, although all three categories showed increases. Imports of plant and machinery imports rose 10% to $47 million, while imports of petroleum and related products - always a volatile category - also rose, by $205 million (35%).
Exports also continued to rise, up 13% to $3.7 billion for the month, with the largest increase being milk powder, butter and cheese, up 25% to $261 million.
Rob Hosking
Mon, 27 Feb 2012
Mon, 27 Feb 2012
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Trade dips into the red - thanks to single aircraft purchase
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