New Zealand trade deficit of $963m in October

New Zealand recorded a trade deficit of almost $1bn in October, close to market expectations. The trade balance is typically at its lowest around this time of year; in seasonally adjusted terms, the deficit widened slightly to $445m. 

Exports were little changed from September. Lower prices for dairy and wood exports were partly offset by a rise in volumes, and there were declines in meat, seafood and machinery. Exports of fruit and wine rose for the month. 

Imports were held up by a price-driven jump in petroleum imports. Excluding petroleum, the value of imports was down 2%. There were no large plane imports in October, but these are likely to feature in the import bill over coming months.