New Zealand Trade Deficit Smaller Than Expected

24 November 2011 - Which Way to Pay

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New Zealand Trade Deficit Smaller Than Expected

The trade deficit in October was smaller than expected, helped by exporters shipping bigger volumes of meat and crude oil. The actual deficit was $282 million for October was nearly half of the expected $450 million by a survey of economists done by Reuters.

The shortfall was however larger than the $220 million seen in October of last year, according to figures released by Statistics New Zealand.

New Zealand’s overseas trade has been taking a battering over the past few months as the global economy continues to be threatened by the debt problems in Europe as well as America’s problems cutting down the Federal budget.

Investors’ confidence has been severely eroded as stockmarkets continue to be volatile, as well as consumers cutting back on spending. Economists say that the data shows that the economy is doing reasonable well considering the global financial climate thanks to continuing exposure to Asian markets.

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