Fuel imports drive NZ's annual trade deficit to 11-year high

Mon, 28 Jan 2019

By Rebecca Howard Fuel imports drove New Zealand's annual trade deficit to its highest level in 11 years in 2018. The annual deficit was $5.86 billion versus an annual deficit of $2.85 billion in the year to December 2017, in line with economists' expectations. Exports lifted 7.2 percent on the year to $57.5 billion while imports were $63.4 billion, up 12 percent on the year. "The lift in total imports in 2018 reflects large rises in the value of imported petrol and crude oil, as world prices reached high levels in the second half of...

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