Trade deficit worst since ‘76 oil crisis

Soaring fuel costs pushed New Zealand’s trade deficit to $7.1 billion in the year to January, the highest annual shortfall since the oil crisis of 1976, Statistics New Zealand said today.

The deficit blew out to 23 per cent of exports, against an annual January average of 7.8 per cent, the government agency said, as imports swelled by $3 billion to a record $37.9b.
Soaring fuel costs pushed New Zealand’s trade deficit to $7.1 billion in the year to January, the highest annual shortfall since the oil crisis of 1976, Statistics New Zealand said today.

The deficit blew out to 23 per cent of exports, against an annual January average of 7.8 per cent, the government agency said, as imports swelled by $3 billion to a record $37.9b.

Export revenue, on the other hand, declined by $172m to $30.8b in the January year.

The figures added to a bevy of weak economic data in recent weeks and had an immediate negative impact on the New Zealand dollar, which tumbled to US65.88c from its US66.29c local open.

stuff.co.nz