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Travel Exports Gain Reduces Trade Deficit In March 2023 Quarter
New Zealand’s trade deficit narrowed to $3.2 billion dollars in the March 2023 quarter, compared with $3.9 billion in the March 2022 quarter, according to data released by Stats NZ today.
The main contributor to the narrowing of the deficit was an increase in travel exports, which increased 385 percent compared to the March quarter last year, to $3.8 billion. Travel exports represent the amount spent by visitors in New Zealand during the period.
“Travel credits continue to climb as international travel patterns return to normal” international trade manager Alasdair Allen said. “However, they are still not quite back to pre-COVID levels”.
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