Sharechat Logo

NZ posts first trade deficit for March month in 10 years as fuel imports surge

Friday 27th April 2018

Text too small?

New Zealand posted its first trade deficit for a March month in a decade as a jump in fuel imports outweighed higher exports of butter and logs.

 

Goods imports rose 14 percent to $4.94 billion in March compared with the same month a year earlier, mainly driven by imports of crude oil, petrol and diesel, aircraft, computers, and tractors, Statistics New Zealand said. Petroleum and products surged $297 million, or 88 percent, to $634 million in March 2018, the largest increase since a $453 million rise in December 2013. Crude oil rose $198 million, while petrol and diesel rose $94 million. Stats NZ noted that monthly imports of petroleum and products can be volatile. 

 

Meanwhile March exports increased 5.8 percent to $4.85 billion, led by increases in butter and untreated logs. The total value of butter exports rose $95 million, or 76 percent, to $221 million, with quantity up 47 percent compared with the same month of the previous year. Butter exports to Iran rose $36 million, and to China rose $23 million. Exports of forestry products rose $70 million, or 18 percent, to $460 million, led by a rise in untreated logs to China, up $54 million.

 

"Imports rose much more than exports, leading to a March month trade deficit of $86 million (1.8 percent of exports)," Stats NZ said. "This is the first deficit for a March month since 2008."

 

The annual trade deficit for the year ended March was $3.42 billion, compared with a $3.71 billion shortfall in the year to March 2017. Annual goods imports were valued at $58.07 billion, ahead of the $52.40 billion a year earlier, while annual exports increased to $54.65 billion from $48.69 billion.

 

(BusinessDesk)

  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:

MARKET CLOSE: NZ shares fall as investor uncertainty weighs on exporters; F&P Health, A2 drop
NZ dollar drops below US68c on plan to up bank capital
Noel Leeming fined $200,000 for misleading consumers
Big four banks face stiffer capital requirements from RBNZ
Infratil signals A$50m investment in Canberra Data Centres
Govt provides $2.5 mln to develop Opotiki aquaculture
Labour co-ordinator role may alleviate kiwifruit labour shortage
NZ manufacturing activity chugs along in November
Australia's GWA lobs in $118M bid for Methven
Govt leaves door open for higher emissions price cap

IRG See IRG research reports