In October, New Zealand reported a merchandise trade deficit of NZ$1.544 billion, according to Statistics New Zealand. This represents an improvement from the revised shortfall of NZ$2.154 billion in September, which was initially reported as NZ$2.108 billion.
Exports saw a year-on-year increase of 7.5%, reaching NZ$5.77 billion in October. This follows a revised figure of NZ$4.91 billion for the previous month, down from the originally stated NZ$5.01 billion.
On the other hand, imports increased by 3.0% year-over-year, amounting to NZ$7.31 billion. This is up from the revised NZ$7.06 billion in September, initially reported as NZ$7.12 billion.
For the year, total exports amounted to NZ$69.7 billion, marking an increase of NZ$1.3 million compared to the previous year. In contrast, annual imports totaled NZ$78.6 billion, showing a decrease of NZ$5.9 billion from September. Consequently, the annual trade deficit was recorded at NZ$9.0 billion, improving from the NZ$14.8 billion observed in October 2023.
