Trade deficit for January

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th February 2002

A big increase in car imports is a major factor in New Zealand's January trade deficit, latest figures show.

Statistics New Zealand says the provisional value of merchandise imports for January is $2.545 billion while the early estimate for exports is $2.3 billion, giving a trade deficit of $245 million for the month.

The deficit compares with a $94 million trade surplus last January.

"The imports trend indicates increasing growth for the latest three months, following falls for the previous four months," Statistics NZ reports.

If confirmed, the deficit would be the largest January month deficit since 1999.

Figures show that seasonally adjusted imports of consumption goods rose 7.8% in January following a fall of 2.3% in December 2001.

"Crude oil import prices have fallen again in the January 2002 month, while crude oil import quantities increased. Excluding crude oil, seasonally adjusted intermediate goods increased 5.9% in value following a fall of 3.3% in the December 2001 month."

According to the data the value of vehicles, parts and accessories rose 50% to $340 million in January compared with the same month last year

Other large increases include a 32% rise in mechanical machinery and equipment to $363 million and a 184% increase in aircraft and parts to $65 million from $23 million last January.

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