Sharechat Logo

Annual trade gap narrows on exports of dairy products

Monday 28th July 2008

Text too small?
New Zealand's annual trade deficit narrowed in June on soaring shipments of dairy products and less demand for imports in a weakening domestic economy.

The deficit was NZ$4.5 billion in the 12 months ended June 30, Statistics New Zealand said in a report. The annual trade gap shrank from NZ$4.8 billion in May.

Exports of milk powder, butter and cheese rose 58% in June and gained about 36% in the year, to NZ$8.76 billion. Oil exports soared 434%, leaping to the third-biggest shipment by value, reflecting sales from the Tui oilfield. Petroleum products led the gain in imports, rising 22% to NZ$7.08 billion.

Reserve Bank Governor Alan Bollard last week said high export prices should help with a gradual revival of the economy in 2009 after it contracted in the first quarter. Rising prices for imports of fuel and food will push annual inflation to a peak of about 5% in the September quarter, he said.

In the latest month, exports to Australia rose 50% to NZ$949 million while shipments to the US, the second-largest market for New Zealand products, rose 1.5% to NZ$342 million. Imports from Australia rose 11% to NZ$780 million and from No. 2 ranked China rose 7.1% to NZ$430 million.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

28th October 2021 Morning Report
Wellington Drive Technologies Limited (NZX: WDT) Performs Strongly in Q3-2021
Ryman Healthcare Limited (NZX: RYM) Acquires Extensions to Two Existing Victorian Sites
Promisia Healthcare Limited (NZX: PHL) Banking Covenant Update
Pictor Limited Announces Start of US Clinical Trials for SARS-CoV-2 Serology Test
Arvida Group Limited (NZX: ARV) Opening of Rights Offer
Move Logistics Group Limited (NZX: MOV) Announces $40m Capital Raise
27th October 2021 Morning Report
The a2 Milk Company Limited (NZX: ATM) Investor Day 2021
Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer