New Zealand December Trade Deficit NZ$159 Million

(RTTNews) - New Zealand posted a merchandise trade deficit of NZ$159 million in December, Statistics New Zealand said on Thursday - representing 3.6 percent of exports.

That missed forecasts for a surplus of NZ$75 million following the downwardly revised NZ$285 million shortfall in November (originally -NZ$213 million).

Exports were down 6.9 percent on year to NZ$4.42 billion, while imports climbed an annual 7.6 percent to NZ$4.58 billion.

For the fourth quarter of 2014, exports added a seasonally adjusted 0.9 percent on quarter to NZ$12 billion, led by a 15 percent increase in meat.

"Meat export values and quantities are hitting new highs on the back of higher beef prices," international statistics manager Jason Attewell said. "Combined with an increase in other exports, particularly logs, total exports rose despite a fall in dairy products."

Seasonally adjusted milk powder, butter, and cheese exports fell 9.5 percent (NZ$328 million) in Q4, with quantities up 2.6 percent.

Imports eased 0.2 percent to NZ$13 billion for a trade deficit of NZ$904 million (7.4 percent of exports).

For all of 2014, exports added an annual 4.3 percent to NZ50 billion.

This increase was led by milk powder, butter, and cheese, due to whole milk powder, up 8.6 percent (NZ$575 million).

China was the top destination for exports, the data showed.

"Total exports to China for 2014 rose $26 million and finished just $9 million short of $10 billion," Attewell said.

Imports climbed 6.0 percent on year to NZ$51 billion, led by aircraft and parts.

The deficit for 2014 was NZ$1,150 million, following the NZ$499 million shortfall in 2013.