New Zealand Has NZ$433 Million Trade Deficit In July

New Zealand posted a merchandise trade deficit of NZ$433 million in July, Statistics New Zealand said on Wednesday - or 11 percent of exports.

The headline figure missed forecasts for a shortfall of NZ$325 million following the downwardly revised surplus of NZ$110 million in June (originally NZ$127 million).

Exports were worth NZ$3.96 billion, shy of expectations for NZ$4.07 billion and down from NZ$4.26 billion in the previous month.

Meat and edible offal led the fall in exports, down NZ$97 million (19 percent).

Milk powder fell NZ$118 million (23 percent) while the quantity rose 0.9 percent.

Fruit fell NZ$17 million (5.7 percent) while the quantity rose 3.9 percent.

Australia was the only top export destination to rise in value, up NZ$37 million.

"The meat export falls this month are partly due to record meat exports this time last year," international statistics senior manager Jason Attewell said. "Meat values in July 2015, off the back of a record high meat season, were 31 percent higher than the average value for the previous five July months."

Imports came in at NZ$4.40 billion versus forecasts for NZ$4.45 billion and up from NZ$4.13 billion a month earlier.

Intermediate goods led the fall in imports, down NZ$296 million (15 percent) due to crude oil.

Consumption goods fell in value for the first time in 23 months, down NZ$114 million (9.6 percent).

The only top import partner to rise in value was the United States, up NZ$83 million.

News are provided by InstaForex