In a recent announcement, Statistics New Zealand reported that the country recorded a merchandise trade deficit of NZ$437 million for November. This figure significantly surpasses expectations, which had anticipated a deficit of NZ$1.951 billion, following October’s shortfall of NZ$1.658 billion.
Exports saw a notable increase of 9.1% year-over-year, reaching NZ$6.48 billion, compared to NZ$5.61 billion the month prior. Meanwhile, imports decreased by 3.9% annually, totaling NZ$6.92 billion, down from NZ$7.27 billion in the previous month.
Over the year, the total value of goods exported amounted to NZ$70.1 billion, reflecting an increase of NZ$783 million from the previous year. Conversely, total goods imports were valued at NZ$78.3 billion, marking a reduction of NZ$4.9 billion from the prior year. Consequently, the annual trade deficit was recorded at NZ$8.2 billion.
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