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WELLINGTON: New Zealand posted its lowest annual goods trade deficit for nearly seven years in the 12 months to October amid a slump in imports, official figures showed Friday.
The deficit came to NZ$1.2 billion (US$855 million) in the year to October, Statistics New Zealand said, the lowest annual figure since November 2002.
For the month of October, the trade deficit came to NZ$487 million.
Goods imports were valued at NZ$3.5 billion in October, down NZ$1.4 billion, or 28.3 per cent, from the same month last year.
Excluding one-off imports, import values have fallen by 19 per cent or more year-on-year for each of the last seven months.
The declining trend for imports is the longest and largest since the statistics were first recorded in 1988, Statistics New Zealand said.
Crude oil imports were down 49.3 per cent compared with a year earlier at NZ$444 million, mainly due to lower world prices.
The value of exports in October was NZ$3.0 billion, down NZ$859 million or 22.4 per cent from a year earlier.
Dairy exports - which make up nearly a quarter of the total - showed the biggest decline, falling 32 per cent to NZ$677 million during the month.
Big rises in export quantities were unable to make up for the sharp decline in world prices.
Crude oil exports fell NZ$138 million or 55.2 per cent to NZ$112 million, due to the impact of lower prices and a 29.4 per cent fall in volume, Statistics New Zealand said.
- AFP/yb
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