KEY POINTS:
New Zealand had a $942 million trade deficit in October, below the average for October for the preceding five years as a percentage of exports.
Exports were up 13.8 per cent last month on a year earlier to $3.8 billion, while imports were up 15.3 per cent to $4.8 billion, Statistics New Zealand (SNZ) said.
The rise in exports was led by a $123m increase in milk powder, butter and cheese. Meat and edible offal, along with logs, wood and wood articles were both up $68m.
Crude oil led the increase in the value of imports, up $233m, while capital goods imports fell $148m from a relatively high value in October 2007 when an oil rig was imported.
In dollar terms the October trade deficit was the second largest for an October month, after the $1.17b in 2006.
But at 24.6 per cent of the value of exports, the deficit last month was below the 31.1 per cent average for October in the preceding five years, SNZ said.
The annual trade deficit for the year ended October was $5.2b, or 12.3 per cent of exports. As a percentage of exports, it was the lowest deficit for an October year since 2003.
The October trade balance was not as bad as expected, with the median prediction of economists' in a Reuters poll having been for a deficit of $1b.
- NZPA
