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
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.
