NZ posts biggest trade deficit in 10 months as imports jump to record

Sun, 25 Aug 2013

Aug. 26 (BusinessDesk) – New Zealand recorded its biggest trade deficit in 10 months in July, driven by a jump in imports of crude oil and helicopters while exports fell. The merchandise trade gap was $774 million last month, for an annual deficit of $1.69 billion, according to Statistics New Zealand. Economists had expected a trade surplus of $50 million in July for an annual deficit of $830 million. New Zealand’s trade balance typically turns to a deficit in July, reflecting seasonal lows in primary produce exports, though there were small...

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