Rising import prices drive increase in trade deficit – media release
2 December 2022
The total trade deficit increased in the September 2022 quarter to $7.5 billion, driven by increases in import prices, Stats NZ said today.
Compared with the September 2021 quarter, total imports of goods and services rose $5.6 billion (23 percent) to $29.7 billion, while total exports of goods and services rose $4.5 billion (25 percent) to $22.2 billion.
Goods imports rose $3.7 billion (19 percent) to $22.7 billion, while goods exports rose $3.1 billion (21 percent) to $17.5 billion. These increases were driven by rising prices, with import prices (up 25 percent compared to the previous September quarter) rising faster than export prices (up 18 percent).
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