Wellington, New Zealand (4E) – Trade balance of monthly goods in New Zealand saw a deficit in July, the first drop in 11 months, as exports declined from the prior year.
The country posted a merchandise trade deficit of 692mn New Zealand dollars last month, according to Statistics New Zealand report released Tuesday. The figure was worse than estimates of 475mn New Zealand dollar deficit, and compared with the surplus of 247mn New Zealand dollars in June.
At the same time, the balance for the year through July stayed in the black at 1.29bn New Zealand dollars, the report said.
Exports fell 3.3 percent to 3.70bn New Zealand dollars, missing estimates of 3.98bn New Zealand dollars and significantly lower compared with the previous month’s 4.20bn New Zealand dollars.
Imports were down 4.8 percent to 4.40bn New Zealand dollars compared with estimates of 4.48bn New Zealand dollars and up from the prior month’s 3.95bn New Zealand dollars.
Statistics New Zealand’s international statistics manager Jason Attewell said goods exports fell across a number of commodities, with pine logs leading the decline.