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New Zealand's foreign trade deficit increased in October from a year ago, as imports hit a record high, preliminary figures from Statistics New Zealand showed Friday.
The trade deficit rose to NZ$871 million in October from NZ$798 million in the corresponding month last year. However, the shortfall narrowed notably from NZ$1.2 billion in September.
Imports surged 15.0 percent year-over-year to NZ$5.4 billion in October, with increases across a wide range of commodities. The previous high for any month was NZ$5.0 billion in September 2014.
"Intermediate goods, used as ingredients or inputs into the production of other goods and services, were the leading contributor to the increase in imports in October," international statistics manager Tehseen Islam said.
Exports expanded 16.2 percent annually in October to NZ$4.6 billion.
