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 per cent to $726 million in the month, for an annual total of $8.33 million, the agency said.
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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.
In the month of November, New Zealand exports rose 1 per cent to $4.08 billion from the year earlier month, ahead of expectations for $3.9 billion.The increase was led by exports of meat and edible offal, the country's second-largest export commodity, which gained 23 per cent to $502 million, helped by exports of beef and lamb. Fruit exports jumped 65 per cent to $59 million, led by kiwifruit.
