New Zealand posts surprise trade deficit in March
29 April 2008
The New Zealand trade balance fell to a deficit of NZ$50 million ($39 million) last month from a downwardly revised surplus of NZ$249 million in February, pushing up the annual shortfall to NZ$4.53 billion, Statistics New Zealand said.
Exports fell 7.2 percent last month to $3.439 billion, after surging 20.2 percent in March, mainly due to lower milk powder, butter and cheese products. Imports were $3.489 billion, up 1 percent from the previous month, lifted also by higher machinery and equipment.
A Reuters poll had forecast a surplus of NZ$395 million for the month and a deficit of NZ$4.06 billion for the year.