New Zealand recorded its highest January deficit on record and the seasonally adjusted deficit was also more than double what economists had been expecting as a fall in exports outstripped their forecasts.
The January trade deficit was a seasonally adjusted $791 million, as exports fell 7.8 per cent on the year to $4.65 billion and imports lifted 0.4 per cent to $5.44b, Stats NZ said.
Economists had been expecting a $300m deficit in January, with exports tipped to be $4.8b and imports seen at $5.05b, according to a Bloomberg poll.
In actual terms, the deficit was $914m, surpassing the previous record of $894m in January 2006. Stats NZ noted, however, that as two-way goods trade has nearly doubled since then the January 2019 deficit is equal to 9.0 per cent of two-way trade compared with 17 per cent in 2006.
In actual terms imports rose 7.7 per cent to $5.3b while exports rose 3.0 per cent to $4.4b.