NZ annual trade deficit narrows

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WELLINGTON, Sept 29 (AFP): New Zealand's trade deficit narrowed in the year to August as exports rose, boosted in recent months by a decline in the local currency, official figures showed today.
The trade deficit for the year to August came to 4.3 billion dollars, down from 4.5 billion in the year to July and 6.3 billion dollars in the year to August 2007, Statistics New Zealand said.
The New Zealand dollar fell 2.5 per cent in August on the trade weighted index compared with the previous month, and was 6.6 per cent down from a year earlier.
The New Zealand dollar was down 13.1 per cent from its peak in July last year and had fallen for six straight months, Statistics New Zealand said.
The trade deficit for the month of August was 750 million dollars, the smallest for the month since 2004.
The value of exports rose 34.1 per cent to 3.6 billion dollars in August, compared with the same month last year. Imports rose 19.6 per cent to 4.3 billion dollars over the same period.
Exports of dairy products, the largest category, rose 77.7 per cent from August last year to 480 million dollars.
Crude oil, the third largest category of exports, rose from 153 million dollars in August last year to 343 million this year, due mainly to the rise in international oil prices.