New Zealand posted a merchandise trade deficit of NZ$1.03 billion in August, Statistics New Zealand said on Thursday – representing 28 percent of exports.
The headline figure missed forecasts for a shortfall of NZ$875 million following the NZ$649 million deficit in July.
Exports were worth NZ$3.73 billion, down from NZ$4.20 billion in the previous month.
On a yearly basis, exports climbed NZ$197 million or 5.6 percent.
Beef exports continued to rise, up 46 percent on year (NZ$61 million) in August. The beef export season runs from 1 October to 30 September.
“With one month to go in the 2014-15 beef export season, beef exports are at a new high of NZ$3 billion,” international statistics senior manager Jason Attewell said. “So far this season, 404,000 tons of beef have been exported, and if we export at least 18,000 tons next month we’ll surpass the peak 2003-04 season for quantity exported.”
The United States remains the top beef export destination this season, for both value and quantity. Beef export values to the U.S. have hit a record high of NZ$1.6 billion (up 64 percent) for the season to date, with quantities up 21 percent on year.
Beef export values to China continued to increase, up 88 percent for the season to date, to NZ$394 million, with quantities up 52 percent on year.
“International shortages, rising production, and a falling New Zealand dollar have contributed to this record beef season,” Attewell said.
Imports were worth NZ$4.77 billion, down from NZ$4.85 billion a month earlier.
On a yearly basis, imports jumped 19.0 percent.
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