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Financial News: New Zealand June Trade Deficit NZ$113 Million

New Zealand June Trade Deficit NZ$113 Million

07/24/2018 - 19:15:00 (RTTNews)

(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$113 million in June, Statistics New Zealand said on Wednesday - representing 2.3 percent on exports.

The headline figure missed expectations for a surplus of NZ$200 million following the downwardly revised NZ$208 million surplus in May (originally NZ$294 million).

Goods exports rose NZ$217 million (4.6 percent) to NZ$4.9 billion.

Meat and edible offal led the export rise, up NZ$58 million (9.3 percent) to NZ$675 million. Lamb led the rise, up NZ$50 million (23 percent) in value; the quantity rose 6.5 percent.

Petroleum and products other than crude oil rose NZ$49 million to NZ$85 million.

Fruit rose NZ$39 million (9.1 percent) to NZ$460 million. Kiwifruit was up NZ$32 million (11 percent) to NZ$314 million.

Preparations of milk, cereals, flour, and starch rose NZ$37 million (35 percent) to NZ$143 million. This group includes infant formula.

Goods imports rose NZ$573 million (13 percent) to NZ$5.0 billion.

Petroleum and products rose NZ$257 million (64 percent) to NZ$657 million as fuels rose NZ$300 million and crude oil fell NZ$35 million.

Ships and boats rose NZ$91 million (642 percent) to NZ$106 million, led by fishing vessels (up NZ$78 million).

Mechanical machinery and equipment rose NZ$51 million to NZ$708 million.

For the second quarter of 2018, the quarterly trade balance was a deficit of NZ$1.3 billion (9.3 percent of exports), marking the 17th consecutive quarterly deficit.

Goods exports rose 4.5 percent to NZ$14.1 billion, following a 5.7 percent fall in the first quarter.

Milk powder, butter, and cheese led the rise in exports, up 7.9 percent (NZ$265 million). Quantity was up 1.1 percent.

Meat and edible offal rose 3.5 percent (NZ$61 million), with quantity up 4.5 percent. Fruit rose 11 percent (NZ$73 million), with quantity up 1.4 percent.

Goods imports rose 1.2 percent, to NZ$15.4 billion, following a 0.3 percent fall in the three months prior.

Capital goods rose 6.1 percent (NZ$197 million) following a fall of 12 percent in Q1. The rise in capital goods was due to transport equipment increasing 32 percent.

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