The trade deficit in New Zealand increased last November to NZ$ 1.193 billion against expectations of NZ$ 495 million. But the previous reading was revised from a deficit of about 871 million to 843 million dollars, according to data from the National Statistics Bureau.
Exports rose to historic highs during the period benefiting heavily, with exports of goods jumping by 20% to NZ$ 4.6 billion on yearly basis, "the biggest growth rate over the past years." In terms of dairy exports, it rose by 22% or NZ$ 262 million to NZ$ 1.5 billion in the end.
New Zealand is the world's largest exporter of dairy products, benefiting greatly from the rise in global dairy prices, leaving market expectations positive for the pace of GDP growth in 2018.
Exports of food and meat products came in second place for New Zealand exports, which rose by 47% on yearly basis in November, or NZ$ 160 million to reach NZ$ 499 million.
Exports to China, one of the largest trading partners with New Zealand, rose by 43% to 1.2 billion, boosted by a 54% increase in dairy exports and an 87% increase in timber exports. While exports to Australia "the second largest trading partner" rose by 3.6% to NZ$ 762 million.
On the other hand, imports of goods to New Zealand rose by 27% to new record highs of NZ$ 5.8 billion.
