New Zealand has hit a huge positive note with regards to the economy by recording a huge annual trade surplus for the year to the end of October. The record surplus was on the back of a big drop in imports due to a global slowdown due to Coronavirus.
New Zealand’s has successfully largely avoided huge lockdowns by going into a complete lockdown early and effectively wiping out the virus within the community. There has been outbreaks here and there however it has been under control. This success has allowed New Zealand to get back to work and continue being productive. The country saw a increase in exports of Dairy products and fruit helping the achieve the surplus.
The surplus is the biggest in 28 years and according to Statistics NZ, it was driven primarily driven by a ten per cent drop in imports with exports remaining steady. The biggest drop in imports were mostly fuel and cars. Net imports were valued at $58 billion whereas exports were 1.2 per cent up to $60 billion.
The trade deficit also improved with the figure dropping to $501 billion from $1.04 billion at the same time last year.
In the lead up to Christmas, there has been a slight rise in imports to help provide enough goods for the biggest shopping period of the year.
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