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Oil, fertilizer imports drive New Zealand trade deficit in November
Last Updated(Beijing Time):2012-01-09 08:11

New Zealand recorded a trade deficit in November last year with the values of crude oil and fertilizers driving up imports over November 2010, the government statistics agency reported Monday.

Export values also rose by 251 million NZ dollars (195.65 million U.S. dollars), or 6.8 percent, in November due to increases in dairy products, but they failed to keep up with import values, according to Statistics New Zealand.

"Crude oil and fertilizers were key contributors to the 10- percent rise in imports," Statistics New Zealand overseas trade manager Stuart Jones said in a statement.

"The value of imports increased 382 million NZ dollars to 4.2 billion NZ dollars."

While Indonesia, Brunei and countries in the Middle East accounted for much of the increase in crude oil, imports from China saw the highest rise 91 million NZ dollars or 13 percent - - led by mobile telephones, up by 32 million NZ dollars, and fertilizers, up by 23 million NZ dollars.

Japan led the increase in demand for New Zealand goods, with exports there rising by 45 million NZ dollars, or 20 percent, mainly due to increased exports of green kiwifruit.

Australia, New Zealand's largest trading partner, showed an increase of 11 million NZ dollars, or 1.2 percent, in the value of exports, with increases in partly refined petroleum and mechanical machinery and equipment partly offset by a fall in crude oil.

China, the second-largest trading partner, also showed an increase of 11 million NZ dollars, or 2.5 percent, in the value of exports, with two-thirds of commodities exported increasing, bu partly-offset by a fall in the value of pine logs.

The trade balance for November 2011 was a deficit of 308 million NZ dollars, or 7.9 percent of exports, according to Statistics New Zealand.

"The November trade balance is normally a deficit, with an average deficit of 16 percent of exports for the previous five November months," said the statement. "For the year ended November 2011, the trade balance was a surplus of 555 million NZ dollars."

The trend for exports remained at record levels, up 27 percent from the most recent low in October 2009, while the trend for imports was up 24 percent from its most recent low in September 2009, but was still 7.5 percent below its peak in September 2008.

Source:Xinhua 
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