WILLING TON: New Zealand’s merchandise trade balance slipped into deficit in March on the back of a big rise in imported fuel costs for the month.
The deficit came to 86 million New Zealand dollars. Economists had expected a median surplus of NZ$275 million for the month.
The biggest increase in monthly fuel imports for five years saw total imports in March rise 14% to NZ$4.9 billion, Stats NZ said Friday.
Total imports rose NZ$612 million from March 2017, mainly driven by imports of crude oil, petrol and diesel, aircraft, computers, and tractors.
Imports have risen every month since December 2016, Stats NZ said.
“The rise in crude oil imports for the March 2018 month came mainly from the United Arab Emirates and Malaysia,” international statistics manager Tehseen Islam said.
Exports rose NZ$265 million or 5.8% to NZ$4.9 billion in March 2018 compared with March 2017, led by increases in butter and untreated logs.
International auction prices for butter rose sharply in 2017, buoyed by rising consumer demand and a shift away from margarine.
