New Zealands trade surplus narrowed to just 9 million New Zealand dollars ($5.43 million) in June, down from a revised figure of NZ$52 million the month before.
The New Zealand Statistics Office reported that this occurred at a time when both exports and imports of New Zealand declined during the past month compared to the previous month.
Imports were affected by the economic recession in the country, while exports were impacted by the decline in the performance of the global economy.
New Zealand’s exports were particularly affected by the slowdown in the Chinese economy, as China is considered a key market for New Zealand’s exports.
By the end of June, New Zealand’s trade balance recorded an annual deficit of $15.98 billion, compared to a deficit of $17.12 billion during the same period in 2022.
Source: Qatar News Agency