New Zealand's Trade Deficit Shrinks In October

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New Zealand's trade deficit stood at NZ$487 million in October compared to the NZ$563 million deficit in the previous month, Statistics New Zealand reported on Friday. The trade deficit was roughly in line with expectations for a NZ$480 million deficit.

Exports dropped 22.4% annually to NZ$3 billion in October. The fall in exports was widespread with milk powder, butter & cheese, crude oil, and casein & caseinates being the most significant contributors, the statistical agency said.

At the same time, imports plummeted 28.3% to NZ$3.5 billion. Petroleum & products and mechanical machinery & equipment were the most significant contributors to the decline in imports.

New Zealand's trade deficit stood at NZ$487 million in October compared to the NZ$563 million deficit in the previous month, Statistics New Zealand reported on Friday. The trade deficit was roughly in line with expectations for a NZ$480 million deficit. (Market News Provided by RTTNews)