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New Zealand Trade Surplus Rises In October

New Zealand's trade surplus grew in October as imports declined faster than exports, data released by Statistics New Zealand showed Thursday.

The trade surplus for the year ended October increased to NZ$2.19 billion in October from NZ$1.65 billion in the year ended in September.

The monthly trade deficit narrowed to NZ$0.5 billion in October.

The latest annual surplus was the largest since July 1992, mainly driven by lower imports after the Covid-19 pandemic hit, while exports rose, Statistics New Zealand international trade manager Alasdair Allen said.

Exports of goods fell 4.4 percent annually to NZ$4.8 billion in October.

Imports dropped 13.0 percent yearly to NZ$5.3 billion.

"Imports are down in part because of restrictions on international and domestic travel imposed in March to slow the spread of the pandemic," Allen said.

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