New Zealand’s trade deficit reaches widest level in ten years
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).
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.
- Why Taiwan is Asia Pacific’s most promising market for 2022Leadership & Strategy
- City Focus: Phnom PenhLeadership & Strategy
- Indian government to spend $770mn boosting ‘champion’ service exportsLeadership & Strategy
- Tea Trade Mission: Indonesian government visits Europe to strengthen exportsLeadership & Strategy