Consumer spending spree continues

A consumer spending spree showed up again in trade figures published yesterday revealing a $418 million deficit for last month.

That brought the November year deficit to $953 million from $896 million in the October year.

Yesterday's figure follows an October trade deficit of $690 million, the worst October trade deficit in 13 years. Economists had forecast a November deficit of about $500 million.

In the year to November 2001, New Zealand posted a trade surplus of $920 million.

Imports fell last month to $2.898 billion from $3.171 billion in October and $3.03 billion in November last year. Exports were steady with October at $2.48 billion but down from $2.67 billion in November last year.

Imports of aircraft and parts (down $148 million) were the main contributor to the fall in imports.

In November last year, a Seasprite helicopter and a large aircraft were imported, raising the value of imports for that month.

Vehicles, parts and accessories (down $26 million) also contributed to the lower level of imports.

This was partly offset by higher oil prices (up $47 million) and electrical machinery and equipment (up $37 million).

- NZPA