New Zealand Has NZ$1.542 Billion Trade Deficit In October

(RTTNews) - New Zealand posted a seasonally adjusted merchandise trade deficit of NZ$1.542 billion in October, Statistics New Zealand said on Friday.

That missed forecasts for a shortfall of NZ$955 million following the downwardly revised NZ$1.384 billion deficit in September (originally a NZ$1.355 billion deficit).

Imports were up 11 percent on year to NZ$8.04 billion, up from the downwardly revised NZ$7.17 billion (originally NZ$7.18 billion).

Exports climbed an annual 16 percent to NZ$6.50 billion, up from the downwardly revised NZ$5.78 billion (originally NZ$5.82 billion).

Milk powder, butter, and cheese rose NZ$316 million (18 percent), to NZ$2.1 billion.