New Zealand goods trade deficit neared 10-year high in the March 2018 quarter

New Zealand's goods trade deficit neared a 10-year high of $1.8 billion in the March quarter, Stats NZ reported today. The seasonally adjusted imports were $15.3 billion - down 0.1 percent in the Mach quarter and exports stood at $13.5 billion, down 5.8 percent.

Reuters cites international statistics manager Tehseen Islam as saying that the deficit in the March quarter was driven by a drop in the exports, particularly in dairy, meat, and forestry.

The March 2018 quarter's deficit was the biggest since the June 2008 quarter, and the 16th consecutive quarterly deficit since the March 2014 quarter, according to Reuters.