The country has recorded its third consecutive trade deficit, with growth in imports rising faster than exports.
Official figures show the deficit stood at $282 million in October.
Exports rose 5% to $3.9 billion led by volatile crude oil, as well as meat, wool and boats.
However, imports rose by more, up 6% to $4.2 billion with increased purchases of fertilizer, petrol, plants and machinery.
Goldman Sachs economist Philip Borkin says export volumes are holding up despite the weaker global growth backdrop.
He says there were some big volatile components driving both the import and export sides of the ledger.
Mr Borkin says the country exported a lot of crude oil in October but also imported a lot of petroleum.
On an annual basis, the trade surplus narrowed to $627 million which Mr Borkin says is not surprising given the slowing global economy and moderating commodity prices.
