29 Nov 2010

Trade deficit falls as exports increase

11:54 am on 29 November 2010

New Zealand's export industries continued to do well last month despite the rising dollar.

The trade deficit fell to $319 million in October, Statistics New Zealand figures show.

September's deficit was $457 million deficit, and shortfall in October last year was $500 million.

Exports in October were up 24% compared to the same month a year ago to $3.6 billion, while imports rose 15% to $3.9 billion.

Statistics New Zealand says the increase in exports was due mainly to higher sales of dairy products.

Overseas sales of milk powder, butter and cheese to the value of $1 billion were made in October, a 62% increase compared to the same month last year.

Sales of logs and wood worth $267 million - up 28% - were the next highest for the month.