Thursday 24th October 2013 |
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New Zealand's trade deficit narrowed more than expected last month as the nation exported more milk powder, butter and cheese while imports fell.
The deficit was $199 million in September, down from a revised gap of $1.23 billion in August, according to Statistics New Zealand. The annual deficit was $1.54 billion, from $2.1 billion the previous month. A monthly deficit of $750 million was expected for an annual gap of $2.12 billion, based on a Reuters forecast.
The New Zealand dollar recently traded at 84.13 US cents, from 83.93 cents immediately before the 10:45am release of the report.
Exports in September rose 17 percent to $3.8 billion, led by a 52 percent rise in the value of milk powder, butter and cheese which were at their highest level for a September month due to increased exports to China.
Australia was the biggest destination for New Zealand exports, with the country taking $848 million of goods in September, up 4.7 percent from the same month a year earlier. It was closely followed by China which took $815 million of goods, an increase of 74 percent from September last year. The US is New Zealand's third-largest export market, taking $282 million of goods.
Imports to New Zealand fell 1.2 percent in September to $4 billion, led by a 28 percent decline in the value of petroleum and products.
China was the biggest source country for imports in the month, with the value of goods supplied up 10 percent to $790 million from September last year. Australia remained the second-largest market, although the value of goods slid 9.7 percent to $530 million. Imports from the US jumped 21 percent to $407 million.
BusinessDesk.co.nz
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