New Zealand posted a record merchandise trade deficit of NZ$1.484 billion in August, Statistics New Zealand said on Wednesday – representing 37 percent of exports.
That missed forecasts for a shortfall of NZ$925 million following the revised deficit of NZ$196 million in July (originally -NZ$143 million).
Exports were up 9.9 percent on year in August to NZ$4.05 billion – missing forecasts for NZ$4.40 billion and down sharply from NZ$5.34 billion in the previous month.
Imports jumped an annual 14.0 percent to NZ$5.54 billion versus expectations for NZ$5.50 billion – roughly unchanged from the previous month.
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