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.