New Zealand had a trade deficit of $163 million in July, even with imports falling much more quickly than exports.
Releasing the figures today, Statistics New Zealand (SNZ) said the 20.9 per cent fall in imports from a year earlier was the second largest monthly fall since February 1993. Itclosely followed a 21.8 per cent fall in May this year.
The value of imports in July was $886m down on a year earlier to $3.3 billion, while exports last month were down 7.3 per cent or $252m on July 2008 to $3.2b.
Most import categories fell last month, with significant contributions coming from imports of petroleum and products, down $294m or 35.1 per cent, while the vehicles, parts, and accessories category fell $220m or 46.2 per cent.
The $252m fall in export values in July was led by a price-driven fall in crude oil exports, which dropped $119m or 37.8 per cent.
Meat and edible offal exports dropped $50m or 11.5 per cent due to lower quantities, SNZ said.
The value of New Zealand's largest export category - milk powder, butter and cheese - was almost the same as July 2008, despite quantities being over 50 per cent higher.
The July trade deficit of $163m equated to 5.1 per cent of the value of exports, compared to an average July deficit of 23.6 per cent of exports for the previous five years.
The annual trade deficit for the year ended July was $2.5 billion. That was equal to 5.8 per cent of exports, only a third of the average of 15.7 per cent for the preceding five July years.
