- Jason Attewell, international statistics senior manager at Statistics New Zealand
New Zealand trade deficit shrank more than expected in November as exports rose, while imports were also stronger. The nation's trade gap contracted from a revised $905 million in October to $779 million last month, Statistics New Zealand reported. Economists, however, had predicted a $810 million shortfall. For the twelve month through November 2015, New Zealand logged an annual trade gap of $3.7 billion, the highest since April 2009. Exports increased 1.0% to $4.01 billion in November, led by a 23% advance in meat and edible offal exports, whereas dairy products exports declined 3.3%. Analysts had predicted $3.90 billion worth of export receipts in November. Goods destined for China surged 17% on year in November, led by a 25% surge in milk powder, whereas exports to Australia dropped 4.1%. The deterioration in export income comes due to continuous weakness in global dairy prices. From a peak in early 2014 prices have plummeted over 50%.
At the same time, imports jumped more than expected, soaring 12% over the reported period, driven by a 42% increase in capital goods and a 19% surge in consumption goods.
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