New Zealand May 2008 trade balance deficit
27 June 2008
In May 2008, the New Zealand monthly trade balance was a deficit of $196 million, or 5.3 percent of exports. Over the past 10 years, May months have recorded a deficit only three times with May 2008 being the largest.
The total value of merchandise exports rose 11.2 percent from May 2007 to May 2008, to reach $3.7 billion, while merchandise imports were up 17.3 percent to $3.9 billion over the same period.
This is the ninth consecutive monthly rise from the same month of the previous year. Crude oil and other petroleum products led the increase for both exports and imports in the May 2008 month.
The NZD marginally dropped after the announcement, but made a quick recovery.