New Zealand August Imports, Exports Decline Sharply

(RTTNews) - The value of New Zealand’s merchandise exports and imports both dropped sharply in August compared to one year ago.

Statistics NZ reported Thursday that exports were down 23.2 percent, or NZ$830 million compared to August 2008.

Exports of crude oil were the biggest contributor to the decline, down 50.9 percent or NZ$177 million.

Import values were down 21.6 percent or NZ$953 million compared to a year earlier.

The largest decline was in petroleum and related products, down NZ$424 million or 45.1 percent.

New Zealand’s August 2009 trade balance was a deficit of NZ$725 million, representing 26.4 percent of the value of exports. Statistics NZ noted that the average August deficit for the previous five years represented 34.1 percent of exports.

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