WELLINGTON: New Zealand’s trade balance improved in October and came in better than expectations, with a stronger than anticipated export performance. New Zealand’s trade balance came in at a deficit of NZD 846 million month-on-month. On a seasonally adjusted basis, the trade deficit was NZD 313 million, marking an improvement from the earlier two months.
Exports recorded a marked rise in October, growing 9.3 percent sequentially on a seasonally adjusted basis. The jump in exports was driven by the export earnings of fruit, dairy, seafood and forestry in October. New Zealand’s exports to China rose 7.9 percent; however, to Australia, the U.K. U.S. and South Korea it weakened. Meanwhile, seasonally adjusted imports rose 2.1 percent on a sequential basis. Imports were underpinned by a one-off aircraft of NZD 254 million. Excluding aircraft, imports dropped 2.1 percent month-on-month in October, while the trend continues to be weak.