29 Jan 2019

Trade deficit hits 11-year high on fuel imports

1:40 pm on 29 January 2019

A sharp rise in fuel imports amid record oil prices pushed the annual trade deficit in 2018 to its widest gap in 11 years.

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Photo: Photo /123RF

It hit $5.9 billion - the highest since October 2007.

Stats NZ said annual fuel imports reached a new high of $7.7b up nearly half on the year before.

The lower New Zealand dollar also increased the imports bill.

On the exports side, the value for the year rose 7 percent to more than $57b, led by increases in meat and logs exports.