New Zealand posted a merchandise trade deficit of NZ$1.193 billion in November, Statistics New Zealand said on Wednesday.
That missed expectations for a shortfall of NZ$550 million following the NZ$843 million deficit in October.
Exports jumped 20.0 percent on year to NZ$4.63 billion – topping forecasts for NZ$4.61 billion and up from NX$4.55 billion in the previous month.
Milk powder, butter, and cheese had the largest rise of any commodity group, up NZ$262 million (22 percent) to NZ$1.5 billion.
Butter rose NZ$107 million (79 percent) in value – quantity fell 2.0 percent, while milk powder rose NZ$93 million (13 percent) in value – quantity was down 9.1 percent. Milk and cream rose NZ$42 million (122 percent) in value, and 43 percent in quantity.
Logs, wood, and wood articles rose NZ$162 million (50 percent) to NZ$484 million. The quantity of rough logs exported rose 40 percent.
Meat and edible offal rose NZ$160 million (47 percent) to NZ$499 million, led by lamb, up NZ$92 million.
Preparations of milk, cereals, flour, and starch rose NZ$52 million (54 percent). This group includes infant formula.
Crude oil exports fell NZ$58 million (70 percent), and quantity fell 78 percent. Aluminum and aluminum articles fell NZ$38 million (48 percent).
Imports spiked an annual 27.0 percent to NZNZ$5,82 billion versus expectations for NZ$5.10 billion and up from NZNZ$5.40 billion a month earlier.
Mechanical machinery and equipment (our second-largest import commodity group) led the rise, up NZ$285 million (50 percent) to NZ$854 million. The increase was across a range of commodities, including parts of turbo-jets and turbo-propellers, computers, and diggers.
Aircraft and parts rose NZ$268 million, influenced by the importation of a large aircraft.
Vehicles, parts, and accessories (our largest import commodity group) rose NZ$127 million (18 percent) to NZ$836 million: goods vehicles rose NZ$54 million and passenger motor cars rose NZ$48 million.
by RTT Staff Writer
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