Trade deficit corrected

The trade deficit was revised fractionally lower for January as the earnings for key exports hit record highs, offsetting the impact of a strong currency, official data shows.

Statistics New Zealand said yesterday the deficit for the month was $315 million compared with a preliminary deficit of $318 million. The value of exports for the month was down 11 per cent on December, but up 11 per cent from a year earlier.

The value of dairy and meat exports hit record highs for a January month, being 21 per cent and 12.9 per cent higher respectively than a year ago.

Exports for the year ended January stood at $30.95 billion, up 9 per cent on the previous year, on the back of higher dairy, meat, fruit, and mechanical machinery and equipment exports.

Annual imports of $34.88 billion were 9 per cent higher than the previous January year.

- REUTERS