New Zealand posts surprise trade deficit in March
New Zealand posted a surprise trade deficit in March, only the second time the trade balance for the month went into the red during the last decade, official figures showed on Tuesday.
By Agencies |
WELLINGTON: New Zealand posted a surprise trade deficit in March, only the second time the trade balance for the month went into the red during the last decade, official figures showed on Tuesday.
The trade deficit for the peak agricultural exporting month was 50 million dollars (39.3 million US), according to Statistics New Zealand (SNZ), which compared with economists' predictions of a surplus of around 400 million dollars.
The deficit for the year to March was 4.53 billion dollars, up from 4.4 billion dollars in the year to February, SNZ said.
Exports rose 3.7 percent from a year earlier to 3.4 billion dollars in the month of March, with dairy products and crude oil leading the gains, while other exports declined by 5.2 percent.
Dairy exports have been rising because of a boom in world prices, although this has been partly offset by the impact of a drought in many areas of New Zealand in recent months.
Exports of milk powder, butter and cheese rose 26.6 percent from a year earlier to 771 million dollars, SNZ said.
Crude oil exports were up four-fold at 130 million dollars, reflecting a new oil field coming into full production in July last year.
Imports in March rose 7.1 percent to 3.5 billion dollars, due largely to rises in the cost of imported oil products.
Imports of petroleum products -- mostly crude oil -- rose 54.1 percent from a year earlier to 697 million dollars in March.
The trade deficit for the peak agricultural exporting month was 50 million dollars (39.3 million US), according to Statistics New Zealand (SNZ), which compared with economists' predictions of a surplus of around 400 million dollars.
The deficit for the year to March was 4.53 billion dollars, up from 4.4 billion dollars in the year to February, SNZ said.
Exports rose 3.7 percent from a year earlier to 3.4 billion dollars in the month of March, with dairy products and crude oil leading the gains, while other exports declined by 5.2 percent.
Dairy exports have been rising because of a boom in world prices, although this has been partly offset by the impact of a drought in many areas of New Zealand in recent months.
Exports of milk powder, butter and cheese rose 26.6 percent from a year earlier to 771 million dollars, SNZ said.
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Crude oil exports were up four-fold at 130 million dollars, reflecting a new oil field coming into full production in July last year.
Imports in March rose 7.1 percent to 3.5 billion dollars, due largely to rises in the cost of imported oil products.
Imports of petroleum products -- mostly crude oil -- rose 54.1 percent from a year earlier to 697 million dollars in March.
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