New Zealand trade deficit widens on weaker exports |
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Fri, 27 Jul 2007 02:11
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WELLINGTON (Thomson Financial) - New Zealand's trade deficit widened in the past year to June due to rising imports and a decline in exports last month, government data showed Friday.The full-year deficit came in at 6.23 billion New Zealand dollars in the year to June, up from 5.90 billion dollars in the year to May, Statistics New Zealand (SNZ) said. But the deficit was slightly lower than the record 6.6 billion dollars posted for the year to June 2006.For the month of June, the trade deficit stood at 524 million dollars, twice as high as economists' forecasts.Economists said the figures showed rising dairy prices had not yet flowed through to the trade data and that other exporters were being hurt by the high dollar.The New Zealand dollar rose 22.1 percent against the US dollar in the year to June and has hit record levels since the local currency was freely floated in 1985.Exports of merchandise goods for June were down 7.5 percent from a year earlier at 2.75 billion dollars, SNZ said.Imports rose 3.5 percent to 3.28 billion dollars, the highest value recorded ever recorded for themonth of June. This figure was distorted by the importation of a new naval ship.For the year to June, imports rose 5.5 percent to 41.2 billion dollars and exports were up 7.8 percent to 35.0 billion dollars.afp/msms/msCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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