New Zealand Posts NZ$1.0 Billion Trade Shortfall In September

(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$1.0 billion in September, Statistics New Zealand said on Tuesday - following the NZ$353 million shortfall in August.

Exports sank NZ$350 million or 8.0 percent on year to NZ$4.0 billion.

Crude oil led the fall, down NZ$110 million. Milk powder, butter, and cheese exports fell NZ$97 million this month, led by falls in milk fats including butter (down NZ$35 million), and milk powder (down NZ$31 million).

Imports were down NZ$643 million or 11.0 percent on year to NZ$5.0 billion.

Car imports were down sharply, while other contributors to the fall in imports were aircraft and parts (down NZ$117 million), turbo-jets and propellers parts (down NZ$56 million), and cell phones (down NZ$37 million).

For the third quarter of 2020, New Zealand had a trade surplus of NZ$1.2 billion.

Imports were up a seasonally adjusted 3.3 percent on quarter to NZ$13.6 billion following the 16 percent drop in Q2. Exports added 0.7 percent to NZ$14.8 billion following the 5.4 percent fall in the second quarter.

On an annual basis, exports rose NZ$1.2 billion or 2.0 percent to NZ$60.3 billion, while imports fell NZ$5.9 billion or 9.1 percent to NZ$58.6 billion for a trade surplus of NZ$1.7 billion.