China cemented its position as New Zealand's top export destination in November, as increased shipments of milk powder, butter and beef to Asia's largest economy contrasted with a decline in crude oil sales to Australia.
Goods exported to China soared 17 percent to $803 million in November from the year earlier month, taking annual exports to the country to $8.53 billion, Statistics New Zealand said. Exports to Australia slipped 4.1 percent to $726 million in the month, for an annual total of $8.33 million, the agency said.
China had fallen behind Australia as New Zealand's top export destination from March through September this year as dairy exports to the world's second-largest economy waned, however it returned to the top spot in October, taking $52 million more in annual exports than Australia, and that gap widened to $200 million in the latest November figures. China is also New Zealand's largest market for imports.
New Zealand recorded a trade deficit of $779 million in November, narrower than the $810 million deficit expected in a Reuters poll of economists, with both imports and exports higher than expected. The annual deficit of $3.68 billion, compares with expectations in the Reuters poll for a $3.76 billion deficit.