New Zealand's trade deficit revised down

New Zealand’s trade deficit revised down

The New Zealand Statistics office announced that New Zealand's trade deficit was revised down slightly to $718 million in August from an estimated $725 million. The trade deficit was recorded as $379 million in July and $299 million in August 2003. In the first eight months of the year, trade deficit reached $3.8 billion or 12.7% of exports. Exports amounted to $2.4 billion in August, up by 2.8% compared to the same period of last year. The trend for the value of exports has been on the rise for the last twelve months. Statistics office stated that the trend rose rapidly in the first nine months since August 2003, but has slowed in recent months. New Zealand's main export destinations are Korea, China, Japan and the US.