New Zealand recorded a larger-than-expected trade deficit in July, which was also the widest for the month since 2008, amid higher imports and a fall in crude and dairy exports, the latest figures from Statistics New Zealand showed Monday.
The trade balance moved to a deficit of NZ$774 million in July from a surplus of NZ$374 million in June. Economists had forecast a smaller deficit of NZ$16 million. In July 2012, the balance was in a surplus of NZ$98 million.
The value of imports increased to NZ$4.6 billion in July from NZ$3.6 billion in June. This was higher than the expected value of NZ$3.9 billion.
Year-on-year, the the imports value rose 17.1 percent. According to Statistics New Zealand, the main contributors to this increase were purchases of aircraft and parts, and crude oil.
The value of exports, meanwhile, slipped to NZ$3.85 billion from NZ$4 billion in the preceding month. This compares with an expected value of NZ$3.9 billion.
Annually, exports declined 4.8 percent. The main contributors to the decline were crude oil, as well as milk powder, butter, and cheese, the statistical agency said.
Exports of milk powder, butter and cheese were down 12.9 percent annually to NZ$926 million. Shipments of crude oil fell 63.8 percent year-on-year to NZ$80 million. However, there was an increase in exports of mechanical machinery and equipment over the same period.
After removing seasonal effects, values for imported goods rose 12 percent compared with June, and exported goods decreased 5.9 percent.
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