The value of annual imports rose $374 million more than exports, pushing the June 2018 annual trade deficit to $4.0 billion, Stats NZ said. This is the largest trade deficit for a June year in a decade.
Compared with the June 2017 year, the trade deficit in June 2018 widened as all major import and export groups increased.
“The last June year surplus was in 2014, driven by high dairy export values,” acting international statistics manager Dave Adair said. “Exports dipped in 2015 leading to a deficit, which has widened since due to steadily rising imports.”
In the June 2018 year, New Zealand imported $59.6 billion worth of goods, up $6.0 billion from the June 2017 year. This was led by $24.0 billion worth of intermediate goods, up $3.0 billion from the June 2017 year. Petroleum and products (excluding petrol) led the intermediate goods rise, up $850 million. This was followed by parts of transport equipment, up $416 million, and parts of plant and machinery, up $413 million.
Petrol and avgas is a smaller group and has been the most volatile over the past years. This group rose in 2018 but is still 29 percent lower than 2014, due to falls in 2015 and 2016.
More dairy products exported in June 2018 year
In the June 2018 year, New Zealand exported $55.5 billion worth of goods, up $5.6 billion from the June 2017 year. Dairy products led this rise (up $1.7 billion) followed by meat and edible offal (up $1.0 billion), and forestry products (up $740 million).
Source: Stats NZ