Trade deficit close to $1b

By BRIAN FALLOW

The trade deficit continued to worsen in November, widening to just under $1 billion for the year.

Imports exceeded exports by $434 million for the month, or 17.6 per cent. Deficits are normal in November, but this percentage is larger than usual.

The deficit for the year ended November was $987 million, compared with an annual deficit of $914 million in October and $183 million. as recently as August.

In the year to November 2001 there was a trade surplus of $920 million.

In the three months ended November export receipts were 8.3 per cent, or $453 million, lower than in the same period of 2001. Two-thirds of that decline arose from a 25 per cent drop in the value of dairy exports.

The dollar appreciated nearly 14 per cent in the year ended November.