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New Zealand's monthly trade deficit hit a near-three year high in September as imports surged, with diesel and fertiliser showing some of the biggest rises.
Figures out today from Statistics New Zealand (SNZ) put the September month deficit at $1.18 billion, well above expectations, with the median prediction among economists in a Reuters poll having been for a deficit of $550 million. The deficit was equivalent to 37.4 per cent of exports and was the highest since November 2005.
For the year, the deficit was $5b, equivalent to 11.9 per cent of exports, and the smallest for a September year since 2004.
Exports in September rose 8 per cent, compared to a year earlier, to $3.2b. Fruit showed the largest increase, up $38m due to a $44m increase in the value of kiwifruit exported. Quantities and prices were both higher, SNZ said.
Imports last month were 24.1 per cent up on September 2007 to $4.4b, with petroleum and products imports rising 35.3 per cent to $622m, with diesel the largest contributor to the increase.
For the September quarter, the seasonally adjusted trade deficit was $1.55b, down from the $1.85b recorded the previous quarter but $675m higher than the March quarter. The September quarter deficit is equivalent to 14.3 per cent of exports, compared to an average deficit of 13.9 per cent since December 2001, the last quarter to show a surplus.
Seasonally adjusted exports rose 5.4 per cent in the September quarter to $10.9b, the largest quarterly value ever recorded, SNZ said.
The seasonally adjusted value of imports increased 2.1 per cent to $12.4b in the September quarter. Crude oil imports were up 38.4 per cent or $381m to a record quarterly value. Crude oil is imported in large, irregular shipments which can cause large percentage fluctuations.
- NZPA
