Import demand still strong

There are reports of some retailers running higher-than-usual levels of inventory into the Christmas period. (Image: Getty)

Rebecca Howard

Tue, 22 Nov 2022

New Zealand recorded a trade deficit of $2.1 billion in October and the strong import demand will add to the view the central bank has more work to do.The seasonally adjusted trade deficit was $1.54b. The deficit was wider than expected because “imports proved a bit stronger and exports a bit weaker relative to our priors", said BNZ senior economist Doug Steel.In actual terms, goods exports rose $758 million or 14% to $6.1b in October 2022, compared with October 2021. Goods imports, meanwhile, lifted $1.6b or 24% to...

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