New Zealand's trade deficit ballooned last month

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New Zealand’s trade report for September has come in below expectations.

According to Statistics New Zealand, exports fell to $3.69 billion from $3.73 billion in August, marking the lowest monthly export total seen since January this year.

While exports slipped, imports ballooned to $4.91 billion, an increase on the $4.77 billion level of August, with the monthly figure the largest recorded since September last year.

With imports growing whilst exports slipped, the monthly trade deficit grew to $1.22 billion, a 12-month high.

Despite the monthly miss, the annual trade deficit narrowed to $3.2 billion from $3.331 billion in August.

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