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Imports fall leads to NZ's largest trade surplus in 6 yrs
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IANS | 24 Sep, 2020
New Zealand imports fell nearly
NZ$1 billion ($650 million) in August, leading to the country's largest
annual trade surplus since 2014, the Stats NZ said on Thursday.
The
NZ$1.3 billion annual goods trade surplus reflected a rise in exports
and a fall in imports over the past months, Xinhua news agency quoted
Stats NZ as saying.
"The recent falls in imports and growth in
exports resulted in an annual trade surplus not seen since the strong
2013-2014 dairy export season, when product prices were high," senior
analyst Nicholas Cox said in a statement.
Imports of crude oil,
cars, and other vehicles were much lower than usual in recent months
after the Covid-19 pandemic, Cox said.
New Zealand's demand for
fuel dropped due to the international and domestic travel restrictions,
which were put in place to slow the spread of the novel coronavirus.
During
the lockdown in April, imports of vehicles were particularly affected
by international trade restrictions and the closure of vehicle
dealerships as non-essential businesses, he added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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