New Zealand's goods trade deficit of $334 million for April is more than double analysts' expectations, with oil-related items accounting for boosts in both imports and exports.
The trade balance - the difference between imports and exports - was up 55% on the $215 million deficit reported for April 2007 at $334 million, while the consensus of analysts' forecasts from two groups for April spanned a deficit of $150 million to $156 million.
ASB chief economist Nick Tuffley said export figures, released by Statistics New Zealand (SNZ) yesterday, were boosted by increased oil outflows, compared with low March flows, while imports were boosted $477 million by the importation of an oil platform and oil production vessel.
Exports reflected the shifting balance of world purchasing power, Mr Tuffley said.
Exports to Australia were boosted by oil, up 23% for the year to April, while oil producing countries benefiting from higher oil prices were taking more New Zealand exports.
Conversely, the staggering United States economy, which is under pressure from a weakened dollar, housing market and consumer spending, imported 12.8% less from New Zealand, he said.
"The loss of export income from the US has been almost fully offset by just Venezuela (up 135%) and Saudi Arabia (up 47.5%) alone, let alone the other oil-producing nations New Zealand exports to," Mr Tuffley said.
However, he noted the country's oil exports were "lumpy" in consistency and that the import figures were boosted by "irregular one-off items", he said.
Exports reached their third high in the past five months, getting to $3.8 billion in April, up 19.7%, or $624 million, from April 2007, NZPA reported.
The median forecast among economists was for $3.55 billion.
Crude oil exports for April were up $265 million from a year earlier to reach a record high of $311 million, following on from the March figure of $130 million, which had been the lowest since production from the offshore Taranaki Tui oilfield started.
SNZ said oil was exported and imported in large, irregular shipments, the timing of which could make a big difference to monthly figures.
Milk powder, butter and cheese exports rose $131 million to $743 million in April from a year earlier, contributing 19.6% of total exports.
The rise in the category was led by whole milk powder, which dropped in quantity but increased by $71 million in the value exported.
Imports for April were up 22% from April 2007, to $4.1 billion.
