|Published : 25 Nov 2016, 17:35:52|
Demand from China, Japan softens New Zealand trade deficit
Rising exports to China and Japan helped offset New Zealand's trade deficit in October, the government statistics agency said Friday, reports Xinhua.
New Zealand's total goods exports rose 2.2 per cent year on year last month to 3.9 billion NZ dollars (2.73 billion US dollars), with dairy exports up 13 per cent to 1.1 billion NZ dollars (770.99 million US dollars).
"We exported more butter for a higher price this month than October last year," international statistics manager Jason Attewell said in a statement.
"We also exported more milk powder, but prices were similar."
However, meat and edible offal exports, the second-largest export commodity group, fell 18 per cent, or 71 million NZ dollars (49.76 million US dollars).
Exports to China were up 54 million NZ dollars (37.85 million US dollars), or 7.9 per cent, led by rises in logs, wood and wood articles, and in dairy products.
Exports to Japan were up 28 million NZ dollars (19.62 million US dollars), or 12 per cent, led by rises in a range of commodities.
Exports to New Zealand's three other main destinations -- Australia, the United States and the European Union -- were all down.
The monthly trade balance was a deficit of 846 million NZ dollars (592.96 million US dollars), or 22 per cent of exports.
In the previous five October months, the average trade deficit was 15 per cent of exports.
For the year ended October, the annual trade deficit was 3.3 billion NZ dollars (2.31 billion US dollars).