NZ Trade Deficit Softens

Rising exports to China and Japan helped offset New Zealand’s trade deficit in October, the government statistics agency said Friday, Xinhua reported. New Zealand’s total goods exports rose 2.2% year on year last month to 3.9 billion NZ dollars ($2.73 billion), with dairy exports up 13% to 1.1 billion NZ dollars. “We exported more butter for a higher price this month than October last year,” international statistics manager Jason Attewell said in a statement. “We also exported more milk powder, but prices were similar.” However, meat and edible offal exports, the second-largest export commodity group, fell 18%, or 71 million NZ dollars. Exports to China were up 54 million NZ dollars, or 7.9%, led by rises in logs, wood and wood articles, and in dairy products. Exports to Japan were up 28 million NZ dollars, or 12%, led by rises in a range of commodities. Exports to New Zealand’s three other main destinations—Australia, the United States and the European Union—were all down. The monthly trade balance was a deficit of 846 million NZ dollars, or 22% of exports.