Sweet tooth sees 84 per cent rise in sugar, confectionery imports, but New Zealand trade deficit slims down

Sugar and confectionery imports were up, and are an exception to the rule in new trade figures. Photo / 123RF

Exports took a tumble but the value of imports fell even more dramatically in the latest overseas trade figures.

Last month, exports were down $552 million from a year before, totalling $5.4 billion.

But Stats NZ said imports were down too, falling $1.2b to $7.1b compared to October last year.

Aluminium and its related products were star export performers, more than doubling to $72 million.

Infant formula exports were up by $52m to $183m year-on-year.

But cheese was down 11 per cent, with exports valued at $199m.

China led the monthly fall in exports but exports to Australia were also well down on a year earlier.

Sugar and sugar confectionery imports were up 84 per cent ($30m) and Kiwis were also spending more on imported cereal.

Imports for machinery, vehicle, and fodder-related categories were all down by more than $100m.

Mechanical machinery and equipment imports plunged by $132m or 11 per cent to $1.0 billion.

Total imports from China were down $353m year-on-year.

Stats NZ said the monthly trade balance was a deficit of $1.7b. The annual trade deficit was $14.8 billion.

Annual goods exports were $69.7b, down $1.2 billion from a year earlier.

And annual goods imports were valued at $84.5 billion, down $266 million from the previous year.

New Zealand has not had a trade surplus since April 2021.

But the annual deficit reduced slightly to $14.81b compared to $15.41b in September.