The decline in December 2016 imports and exports means New Zealand’s monthly trade deficit was little changed from the previous corresponding period.
According to BusinessDesk, New Zealand had a $41 million trade deficit in December 2016, compared with a $42 million deficit in December 2015.
The deficit is less than the $98 million anticipated by economists, according to a consensus forecast reports BusinessDesk.
The value of New Zealand’s exports in December shrank by $41 million, or 0.9%, to $4.38 billion, while imports reduced by $42 million, or 0.9%, to $4.42 billion.
Leading the decline in exports was a $93 million fall in the value of meat and edible offal exports, the country’s second-largest export commodity group.
Beef exports slid by $47 million, or 17%, while the quantity reduced by 12%. Lamb exports also dropped $47 million, or 17%, with the quantity down 18%.
Bucking the trend, BusinessDesk says exports of milk powder, butter and cheese, the largest commodity export group, advanced $109 million, or 8%, to $1.47 billion.
Milk powder exports rose $60 million, or 7%, to $857 million even as the quantity exported declined 4.7%.
Wood exports, the third-largest commodity group, were little changed in the month, down 1% to $347 million, while exports of fruit, the fourth-largest group, jumped 51% to $49 million.
Leading the import decline was a 2.5% fall in the value of intermediate goods.
Imports of palm oil cake, plastics and fertilisers fell $75 million, or 8.6%, offset by a $58 million rise in processed fuel such as automotive diesel and jet fuel.
