New Zealand goods exports dropped -4.4% yoy to NZD 4.8B in October. Exports to China, Australian Japan declined, and rose to US and EU. Imports dropped -13.0% yoy to NZD 503B. Imports from all major partners declined, including China, EU, Australia, USA and Japan. Monthly trade deficit came in at NZD -501m, in line with expectations.
Annual trade surplus reached a 28-year high of NZD 2.2B in the year ended October. “This is the largest annual surplus since the July 1992 year, driven mainly by much lower imports after the global COVID-19 pandemic hit, while New Zealand’s exports have held up,” international trade manager Alasdair Allen said.