New Zealand September Trade Deficit Widens to NZ$1.971 Billion on Surging Imports

New Zealand's merchandise trade deficit widened sharply to NZ$1.971 billion in September, more than double consensus forecasts of NZ$775 million. The monthly shortfall deepened from August's NZ$1.536 billion deficit, pushed higher by an 18% climb in imports to NZ$8.44 billion, which included a 96% year-on-year surge in petroleum imports. Although exports held near NZ$6.5 billion with gains in dairy and meat, they failed to offset energy import costs. On an annual basis, the merchandise trade deficit expanded to NZ$6.2 billion from NZ$2.4 billion, presenting headwinds for the New Zealand dollar.