NZ's April trade deficit revised up to $157m

12.00pm

New Zealand's trade deficit in April was revised up to $157 million from $134 million initially reported last month, Statistics New Zealand said today.

The deficit for the year to April was revised up to $3.92 billion from $3.89 billion.

Economists had forecast a median deficit of $100 million for the month and a $3.81 billion deficit for the year to April.

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Exports for April were $2.69 billion compared with $2.79 billion in March and $2.49 billion a year earlier.

Imports were $2.84 billion against March's $2.77 billion and $2.52 billion in April 2003.

In the three months to April, New Zealand had a $55 million deficit compared with a surplus of $257 million a year earlier.

April is normally a strong month for exports when a trade surplus is traditionally posted.

The underlying trend in exports had risen seven per cent during the last nine months, despite a generally appreciating exchange rate, which exerts a downward influence on export prices, SNZ said.

Exports of milk powder, butter and cheese fell 5.7 per cent in value on April 2003 to $330 million, while the value of meat exports was up 14 per cent at $451 million.

Seafood and fruit exports also rose in value compared with a year earlier, SNZ said, both by 24 per cent to $106 million and $202 million respectively.

The trade weighted New Zealand dollar was down 2.4 per cent on March, depreciating against all major trading partners, SNZ said.

- NZPA