NZ deficit

NZ trade deficit worsens

New Zealand's trade deficit has slipped further into the red as exports continue to fall.

Radio New Zealand,

27 June, 2012

Statistics New Zealand figures show a seasonally adjusted trade deficit of $318 million in May compared with $240 million the previous month and $164 million in May last year.

The decline is due to a seasonally adjusted 1.3% fall in exports, particularly of meat, logs, wood products and dairy.

Imports rose 0.8% led by a jump in capital goods like machinery, vehicles and parts, and consumer goods like clothing and shoes.

Exports were $3.6 billion in May, down from a peak of $4.1 billion in December last year.

On an annual basis, the trade deficit for the year to end of May was $805 million, or 1.7% of exports. In the year to the end of April the deficit was $541 million.

Statistics New Zealand says exports have fallen in four of the past five months, driven lower by falling prices