New Zealand November Trade Deficit NZ$213 Million

(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$213 million in November, Statistics New Zealand said on Tuesday - representing 5.3 percent of exports.

The headline figure beat forecasts for a shortfall of 575 million following the NZ$908 million deficit in October.

Exports dipped 9.5 percent on year to NZ$4.02 billion - missing forecasts for NZ$4.03 billion, which would have been roughly unchanged from the previous month.

Dairy exports drove the fall, down 27 percent, with the quantity down 3.1 percent. The fall in dairy reflects the record high levels exported, mainly to China, in November 2013. A 20 percent rise in meat exports partially offset the fall, led by a price-driven rise in frozen beef.

"The fall in export values reflects a return from the high values late last year, led by China," international statistics manager Jason Attewell said. "The trend for exports to China is 42 percent lower than the series peak in December 2013, and is now at similar levels to 2012."

Imports fell an annual 1.3 percent to NZ$4.24 billion versus expectations for NZ$4.58 billion and down from NZ$4.94 billion a month earlier.

Capital goods (aircraft and helicopters) led the fall.

Year to date, New Zealand has a trade deficit of NZ$453 million - topping expectations for a deficit of NZ$774 million following the NZ$107 million annual deficit in the previous month.

This is the smallest November deficit since 2010, the bureau said. Record high exports late last year resulted in the first trade surplus for a November month (NZ$153 million) since 1991.