27 Nov 2008

NZ trade deficit worsens

12:25 pm on 27 November 2008

New Zealand's trade deficit has worsened as demand for imports outpaces export sales.

Statistics New Zealand says the shortfall was $942 million in October - the second largest deficit for that month.

Exports rose 14% to $3.8 billion compared to the same month a year ago. Sales of milk powder, butter and cheese leading the way, while meat and logs also rose.

But imports rose 15% to $4.8 billion, due to stronger crude oil and petroleum demand.

For the year, the deficit stood at $5.2 billion.