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- New Zealand’s trade deficit widens to NZ$649 million in July
New Zealand’s trade deficit widens to NZ$649 million in July
Statistics New Zealand released its trade data on late Tuesday evening. New Zealand's trade deficit widened to NZ$649 million in July from NZ$194 million in June. June's figure was revised down from a deficit of NZ$60 million.
The increase in deficit was driven by higher exports. Exports rose 1.5% in July, while imports increased by 11.9%.
Dairy exports were up 0.1% in July, the first increase in dairy exports since August 2014.
"The small rise in dairy export values combined with the falling New Zealand dollar contributed to the rise in total exports value this month. A weaker dollar means that exporters receive more New Zealand dollars for transactions in foreign currencies while imports cost more," Statistics NZ international statistics senior manager Jason Attewell said.
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