February trade deficit revised lower

New Zealand's February month trade deficit has been revised to $123 million from the $127 million previously reported after Statistics New Zealand (SNZ) updated the value of merchandise exports for the month.

SNZ said the value of merchandise exports for the month was $2.649 billion slightly higher than the figure provisionally reported.

February's merchandise exports were up $145 million or 5.8 per cent on the same month last year boosted by $134 million rise in the value of re-exported aircraft and ships.

The updated trade deficit for the month is equivalent to 4.6 per cent of exports.

This is only the second time in the past decade there has been a trade deficit posted in the month of February. The previous one in 2003 was much smaller.

SNZ said the value of exports for the year to February was $31.078 billion -- up $2.494 billion or 8.7 per cent on the same period a year earlier. Much of that increase driven by higher values of fruit, meat, aircraft and machinery exports.

SNZ said monthly trend values were showing a widening trade deficit in recent months with imports rising faster than exports.

- NZPA