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New Zealand logged a trade deficit of NZ$2.2 billion in August 2024, improving slightly from a deficit of NZ$2.42 billion in the same month last year but posting the lowest reading in eleven months. The latest figure also expanded from a deficit of NZ$1.02 billion in July and defied market expectations for it to narrow to a NZ$155 million deficit. Exports fell by 0.1% year-on-year to NZ$5 billion due to lower shipments of meat & edible offal (-19%), milk powder, butter & cheese (-8.1%) and aluminum & aluminum articles (-34%). Imports also declined by 1% YoY to NZ$7.2 billion amid lower purchases of vehicles, parts & accessories (-42%), electrical machinery & equipment (-11%) and mechanical machinery & equipment (-3.2%). New Zealand’s top export markets are China, Australia and the US, while top import partners are China, the EU and Australia.