New Zealand's trade deficit in November last year was the largest for that month in six years, despite a surge in exports to China, the New Zealand government statistics agency announced Thursday.
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The value of exported goods in November fell by NZ$94 million ($78.82 million), or 2.4 percent, to NZ$3.8 billion compared with November 2011, according to provisional figures from Statistics New Zealand.
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"Despite a 60-percent increase in exports to China, decreases for other countries resulted in total exports falling, compared with November 2011," industry and labor statistics manager Louise Holmes-Oliver said in a statement.
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Exports to China recorded the largest increase, up NZ$259 million, or 60 percent, led by increased sales of unsweetened whole milk powder and pine logs -- both of which approximately doubled in value, said a commentary on the Overseas Merchandise Trade report.
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Exports to Australia, New Zealand's largest trade partner, showed the largest decrease in November 2012, down NZ$133 million, or 14 percent, led by decreases in crude oil, partly refined petroleum and fresh avocados.
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The value of imported goods was flat at NZ$4.5 billion for the month, but if one-off capital imports in November 2011 were excluded, merchandise imports would have risen 5.9 percent, the largest increase since July 2012.
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New Zealand had a trade deficit of NZ$700 million, or 18 percent of exports, for the November month, which compared with an average deficit of 13 percent of exports over the previous five November months.
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Exports were up 8.9 percent from October 2012, led by milk powder, butter and cheese, while imports rose 11 percent.
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The trend for exports appeared to have been declining in recent months, and was 7.3 percent lower than its record peak in November 2011, said the statement.
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The trend for imports has shown little change in recent months, and was 4.8 percent lower than its record high of September 2008.