Statistics New Zealand offers further insights on the latest trade report, with the key comments on the 2018 annual deficit.
“Annual trade deficit to $5.9 billion for the December 2018 year.
The largest annual trade deficit since the October 2007 year.
Both imports and exports were up for the December year, but the deficit has widened because imports have risen more.
The lift in total imports in 2018 reflects large rises in the value of imported petrol and crude oil, as world prices reached high levels in the second half of the year,” international statistics manager Tehseen Islam said. “
“In addition, recent falls in the New Zealand dollar has an upward effect on both export and import prices and their New Zealand-dollar values.”
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