Friday 29th October 2010 |
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New Zealand’s annual traded surplus widened last month as the nation shipped more dairy products, logs and crude oil while a tepid domestic economy constrained imports.
The trade surplus was $921 million in the 12 months ended Sept 30, from a revised surplus of $892 million in the year through August, according to Statistics New Zealand. The monthly traded deficit was $532 million, up from a gap of $413 million in August.
Exports in September rose 12% to $3.16 billion, for an annual increase of 0.5% to $41.8 billion. Monthly imports rose 9.1% to $3.69 billion for an annual decline of 5.5% to $40.88 billion.
Reserve Bank Governor Alan Bollard yesterday pointed to weak consumer spending and a soft property market as households pay down debt. Companies including courier firm Freightways have been telling shareholders that the domestic economy is making only a gradual recovery, which may constrain demand for imported goods.
Imports of mechanical machinery fell 10% in the latest year, electrical machinery fell about 17% and textiles declined 3.1%.
Exports of milk powder climbed 7.5%, logs and wood rose 16% and crude oil shipments gained 17%. Exports to China showed the most growth, rising 44% in the month and 22% in the year to cement that country’s place as the No. 2 market for New Zealand goods.
Exports to Australia, the biggest market, rose 1.1% in the month for an annual increase of 7%.
Businesswire.co.nz
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