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Import Growth ‘Positive Sign’ for Economy

New Zealand has posted a trade deficit, with official figures showing a shortfall of NZ$649 million in July. Exports grew by 14 per cent to NZ$4.2 billion, due to higher
31 Aug 2015 08:04
Import Growth ‘Positive Sign’ for Economy

New Zealand has posted a trade deficit, with official figures showing a shortfall of NZ$649 million in July.

Exports grew by 14 per cent to NZ$4.2 billion, due to higher sales of fruit, including kiwifruit, while dairy edged up.

Imports rose by five per cent to NX$4.8 billion, led by clothing and mobile phones.

Westpac senior economist Satish Ranchhod said import growth indicated that demand had held up.

“That’s a positive sign for the current demand picture in the economy.”

But Mr Ranchhod expected demand to soften, and he was worried about the effect of a slowing Chinese economy on exports.

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