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New Zealand had a merchandise trade deficit of NZ$566 million in January, Statistics New Zealand said on Tuesday.
That missed expectations for a flat reading following the NZ$596 million shortfall in December.
Exports were up 9.5 percent on year to NZ$4.31 billion, shy of forecasts for NZ$4.58 billion and down from NZ$5.49 billion in the previous month.
Imports spiked an annual 17 percent to NZ$4.87 billion versus expectations for NZ$4.60 billion and down from NZ$4.89 billion.
