The New Zealand trade deficit has widened.
Official figures show the seasonally adjusted shortfall stood at $1.9 billion in the three months to June as exports fell and imports rose. For the year, the deficit was $4.8 billion.
Exports fell 0.5% to $10.3 billion, mainly because of a drop in the volume of overseas sales of milk powder, butter and cheese after the recent drought.
But quarterly export values are still at their third-highest level ever and ANZ senior economist Khoon Goh says other commodity products are now enjoying better prices.
Imports jumped 8.5% to $12.1 billion, led by petrol imports and large one-off items, which included an oil platform, oil production vessel and two big aircraft.
