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Financial News: New Zealand Trade Deficit Widens In July

New Zealand Trade Deficit Widens In July

08/25/2019 - 23:32:00 (RTTNews)

(RTTNews) - New Zealand's trade deficit widened in July from last year as exports declined amid an increase in imports, data released by Statistics New Zealand showed Monday.

Exports of goods fell 5.8 percent annually to NZ$5 billion in July. Meanwhile, imports advanced 3.1 percent to NZ$5.7 billion.

Consequently, the trade balance showed a deficit of NZ$685 million, bigger than a NZ$203 million shortfall seen in the same period last year. The expected deficit was NZ$254 million.

The statistical office said the average goods trade balance over the previous five July months was a deficit of NZ$427 million.

Data showed that exports to China grew 2.4 percent, while that to the U.S. declined 8.8 percent led by a fall in beef exports. Exports to Australia advanced 0.8 percent.

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