New Zealand’s rising import prices drive increase in trade deficit

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New Zealand’s total trade deficit increased in the September 2022 quarter to 7.5 billion New Zealand dollars (4.77 billion U.S. dollars), driven by increases in import prices, the country’s statistics department Stats NZ said.

Compared with the September 2021 quarter, total imports of goods and services rose 23 percent to 29.7 billion NZ dollars (18.9 billion U.S. dollars), while total exports of goods and services rose 25 percent to 22.2 billion NZ dollars (14.1 billion U.S. dollars).

Imports of oil and petroleum products have been driving the increase in goods imports over the past 12 months.—Xinhua