New Zealand June Trade Deficit NZ$417 Million

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New Zealand's trade deficit grew faster than expected in June.

Statistics New Zealand reported Tuesday that the country's trade balance for the month was NZ$417 million. The figure represented 13.1 percent of exports.

Most economists were forecasting a surplus of NZ$215 million, following an upwardly revised surplus of NZ$907 Million in May.

Exports for the month were valued at NZ$3.2 billion, a decrease of NZ$395 million or 11.0 percent from the month before.

Import values totaled NZ$3.6 billion, down NZ$192 million or 5.1 percent on month.

For the three month period through June, the trade balance was a deficit of NZ$217 million, representing 2.1 percent of exports.

Exports for the quarter were down 5.4 percent while imports were down 3.4 percent.

(Market News Provided by RTTNews)