New Zealand trade deficit widened sharply to NZD -1.484m in August versus expectation of NZD -930m. That’s also the largest monthly deficit on record.
Exports rose 9.9% yoy to NZD 4.1B. However, imports jumped sharply by 14% yoy to NZD 5.5B, the third highest total on record. It’s also the fourth straight month of imports above NZD 5B.
Exports to China rose 20% yoy to NZD 870M, to EU rose 12% to NZD 462M, to USA rose 14% yoy to NZD 371m and to Japan rose 28% yoy to NZD 302m. However, export to Australia was down -7.4% yoy to NZD 791m.
Petroleum and products led the imports rise, up NZD 186m (50%) to NZD 563m.
