New Zealand’s trade deficit reaches widest level in ten years

By Galia Ilan

New Zealand’s trade deficit has reached its widest level in the last decade, Statistics New Zealand revealed.

The 12 months ending June saw the deficit reach AUS$4bn (US$2.97bn), up from the previous year’s AU$3.66bn (US$2.71bn).

The nation’s imports rose by AU$6.02bn (US$4.46bn) to hit AU$59.55bn (US$44.14bn), whilst exports only grew by AU$5.65bn (US$4.19bn) reaching AU$55.52bn (US$41.16bn).

AU$24bn (US$17.79bn) worth of intermediate goods contributed to the country’s imports, a 14% rise from the previous year.

Petroleum goods (excluding petrol) accounted for AUS$850mn (US$630.11mn) of the goods, with transport equipment parts making up AU$416mn (US$308.38mn), with plant and machinery parts being worth AU$413mn (US$306.16mn).

SEE ALSO:

Dairy products led New Zealand’s exports in the review period, with the commodity totalling AU$14.16bn (US$10.50bn).

“The last June year surplus was in 2014, driven by high dairy export values,” stated Dave Adair, Acting International Statistics Manager at Statistics New Zealand.

“Exports dipped in 2015 leading to a deficit, which has widened since due to steadily rising imports.”

Statistics New Zealand also released an experimental map noting the nation’s primary export locations.

Russia’s largest export from New Zealand is butter, whilst logs contribute the most to China’s imports from the country.

Wine leads the nation’s exports to Canada, whilst Argentina largely imports paper and the Congo ad Madagascar import milk powder.

New Zealand’s primary exports are metals, machinery and equipment, dairy, meat, seafood, fruit, beverages, tobacco, and forestry.

Share

Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights

Technology

Why Deloitte Australia’s HR technology is winning awards

Human Capital