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New Zealand’s trade balance deficit widened to the most since 2009

Publish Date24/08/2012 12:37:15 AM

Last Update24/08/2012 05:43:43 AM

New Zealand’s trade balance deficit widened to the most since 2009

New Zealand posted its widest annual trade balance deficit since 2009, where the nation’s imports increased while commodity prices fell during their seasonal decline which curbed exports and overseas shipments.

New Zealand’s economy released its trade balance for July which saw a surplus of 15 million New Zealand dollars, yet the yearly reading saw a deficit of 853 million compared with the previous deficit of 765 million.

Exports recorded an actual of 4.00 billion during July compared with a previous 4.20 billion, while analysts’ expectations of 3.78 billion.

Imports rose to record 3.99 billion in July, compared with a previous reading of 3.87 billion, while analysts’ expectations were of 3.76 billion.

New Zealand noticed two years of annual trade surpluses, but the deficits extended amid the fall of commodity prices because of the weaker global demand that hindered overseas shipments, which make up 30% of the nation’s economy.

At the same time, expectations of new easing measures in policies by the government widened, in order to rebound the weaker demand and to support the nation’s trade balance amid the global instability and uncertain outlook.

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