New Zealand has recorded its largest trade deficit in almost eight years, excluding the effect of the export of a foreign-owned oil and gas drilling rig.
The annual trade deficit for the year ended February was $3.8 billion, the largest since April 2009, Statistics New Zealand reported yesterday.
SNZ international trade statistics senior manager Daria Kwon said if the drilling platform export in 2016 was excluded, the annual trade deficit of March 2016 would have been $4 billion, just under the $4.1 billion deficit of April 2009.
For the month of February, goods exports fell $232 million compared with a year ago, largely due to the drilling platform’s export in February 2016, which if excluded, would have meant little change in goods exports, up $35 million, or just 0.9%, she said.
"Exports of dairy, meat, and fruit were up, but other primary produce exports, including fish, wool and casein, were down compared with the same month of the previous year," she said.
Imports for February rose $154 million, or 4%, led by a large rise in crude oil, which was up by $101 million. Crude oil rose in both price and quantity compared with February 2016, Ms Kwon said.
In February, dairy exports rose by $55 million, or 5.6%, in value, led by rises in the value of butter and other milk fatsand milk powder.
"These rises in value were despite quantities falling for both these commodities, and follows a similar pattern to recent months," she said.
