New Zealand’s annual trade deficit narrowed to the smallest since mid-2022 as a weaker economy cools demand for imports.
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The shortfall was NZ$12 billion in the 12 months through February, Statistics New Zealand said Friday in Wellington. That’s the least since June 2022 and compares with a record NZ$17.1 billion gap in May last year. Imports in the 12 months through February fell 8.1% from a year earlier to NZ$80.9 billion. That’s slightly higher than the January reading, which was an 18-month low.
The result suggests the current account deficit, a broader measure of trade that includes investment flows and services such as tourism, will narrow further. The gap was NZ$27.8 billion or 6.9% of gross domestic product in the year through December, having reached a record 8.8% of GDP at the end of 2022.
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