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New Zealand Has Record Trade Deficit In September

New Zealand posted a record merchandise trade deficit of NZ$2.171 billion in September, Statistics New Zealand said on Wednesday.

That follows the upwardly revised NZ$2.139 billion deficit in August.

Exports climbed NZ$387 million or 10 percent on year to NZ$4.40 billion following the upwardly revised NZ$4.36 billion total in the previous month (originally NZ$4.35 billion).

Imports surged NZ$1.5 billion or 30 percent on year to NZ$6.57 billion, up from the upwardly revised NZ$6.50 billion a month earlier (originally NZ$6.49 billion).

Annual goods exports were valued at $62 billion, up NZ$1.2 billion (2.1 percent) from the previous year. Annual goods imports were valued at $66 billion, up NZ$7.0 billion (12 percent) from the previous year.

The annual goods trade balance was a deficit of NZ$4.1 billion. In the year ended September 2020, there was a surplus of NZ$1.7 billion.

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