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
Comment:
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:

30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer
Rua Bioscience Limited (NZX: RUA) Rua to Accelerate Growth with Proposed Acquisition of Zalm
The New Zealand Refining Company Limited (NZX: NZR) Successfully Completes Placement
NZME Limited (NZX: NZM) Acquires BusinessDesk to Supercharge Digital Growth
Cannasouth Limited (NZX: CBD) Acquisition of Outstanding Stake in Cultivation JV Complete
Geneva Finance Limited (NZX: GFL) Half Year Results
The New Zealand Refining Company Limited (NZX: NZR) NZ announces equity raising
Asset Plus Limited (NZX: APL) Result for the six months ended 30 September 2021
Me Today Limited (NZX: MEE) 30 September 21 Results and Conditional Placement