The FINANCIAL — New Zealand’s trade deficit widened in August, offset slightly by record high beef exports, according to Nasdaq.
The country recorded a 1 billion New Zealand dollar (US$627 million) goods, or merchandise, trade deficit for August and a NZ$3.3 billion deficit for the year ended August, Statistics New Zealand said.
Economists had been expecting an August deficit of NZ$780 million and an annual deficit of NZ$3.0 billion.
Exports were NZ$3.7 billion in August, up 5.6% on the year. Beef exports continued to rise, up 46% in August 2015 compared with the same month last year. The beef export season runs from Oct. 1 to Sept. 30. “With one month to go in the 2014-15 beef export season, beef exports are at a new high of NZ$3 billion,” international statistics senior manager Jason Attewell said.
Imports were NZ$4.8 billion, up 19% on the year.
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