New Zealand’s Trade Deficit Narrows In The March 2024 Quarter

New Zealand’s trade balance was a deficit of $1.4 billion in the March 2024 quarter, narrowing from a deficit of $2.6 billion in the March 2023 quarter, according to figures released by Stats NZ today.

“The smaller trade deficit is being driven by a decrease in imports more than a large increase in exports. Travel exports especially only had a modest increase and have not yet returned to historic levels for March quarters,” international trade manager Alasdair Allen said.

“March quarters since 2021 have been marked by lower travel exports than previously. This makes an interesting contrast with exports of our other main commodity, milk powder, butter, and cheese, which have remained consistent over this period.”

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