New Zealand had a merchandise trade balance of NZ$705 million in November, Statistics New Zealand said on Wednesday - representing 18 percent of exports.
That missed expectations for a shortfall of NZ$500 million following the NZ$815 million deficit in October.
Exports came in at NZ$3.86 billion, shy of forecasts for NZ$4.00 billion and down from NZ$3.91 billion in the previous month.
On a yearly basis, meat and edible offal led the fall, down NZ$158 million (31 percent), while milk powder, butter, and cheese rose NZ$31 million (2.6 percent).
Logs, wood, and wood articles rose NZ$34 million (12 percent), led by untreated logs, while fruit rose NZ$16 million (27 percent) and the quantity rose 31 percent.
Exports to the EU fell NZ$116 million (32 percent), and to the USA by NZ$111 million (23 percent). Other top export destinations (China, Australia, and Japan) showed little change.
Imports were at NZ$4.56 billion versus expectations for NZ$4.50 billion and down from NZ$4.72 billion a month earlier.
On a yearly basis, capital goods led the fall in imports, down NZ$326 million (26 percent), while intermediate goods fell NZ$53 million (2.9 percent).
Consumption goods fell NZ$34 million (2.6 percent). Crude oil was up NZ$52 million (29 percent) in value.
Of our top import partners, the USA fell NZ$351 million (46 percent), led by aircraft and parts. Other top import destinations (China, Australia, and Japan) rose in value.
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