China keeps New Zealand trade deficit in check

Source:Xinhua Published: 2012-10-26 13:17:44

A rise in exports to China last month compensated for a fall in exports to Australia, curbing New Zealand's trade deficit, the government statistics agency announced Friday.

Exports to Australia, New Zealand's largest trade partner, dropped by 8.3 percent, or 75 million NZ dollars (61.49 million U. S. dollars), the largest fall in September, according to Statistics New Zealand.

However, export values to China showed the largest increase, up 88 million NZ dollars, or 23 percent, led by sales of whole milk powder, up 42 million NZ dollars, and live rock lobster, up 26 million NZ dollars.

New Zealand had a trade deficit in September of 791 million NZ dollars, or 24 percent of exports, which compared with an average deficit of 23 percent of exports over the previous five September months, said a statement from the agency.

Exports for New Zealand's pillar dairy industry fell last month, with sales of milk powder, butter, and cheese down 77 million NZ dollars, 11 percent, compared with September last year.

Total export values fell by 136 million NZ dollars, or 3.9 percent, while imports were down 133 million NZ dollars, or 3.1 percent, led by a fall in mechanical machinery and equipment.

The September quarter recorded a trade surplus of 147 million NZ dollars, led by rising exports, following deficits of 698 million NZ dollars in the March quarter and 581 million NZ dollars in the June quarter.

Exports rose 5.1 percent, while imports fell 1.3 percent compared with the June quarter.

"Dairy products led the return to surplus," industry and labor statistics manager Louise Holmes-Oliver said in the statement.

"Milk powder, butter, and cheese exports rose 16 percent for the quarter, with high values in July and August."



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