New Zealand's Trade Deficit Narrows to Smallest in 20 Months.

BALANCE of trade; AFRICAN Union

New Zealand's annual trade deficit has decreased to its smallest level since mid-2022 due to a weaker economy reducing demand for imports. The deficit was NZ$12 billion ($7.3 billion) in the 12 months through February, the lowest since June 2022. The slowdown in imports is attributed to high interest rates dampening domestic demand and pushing the economy into recession in the second half of 2023. Despite the narrowing trade deficit, annual exports have also slowed, with dairy, meat, and log exports experiencing declines in value. [Extracted from the article]

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