(MENAFN) New Zealand logged its worst trade deficit since the global financial crisis, dragged down by falling dairy exports and prices and slowing demand from China, Xinhua reported.
According to data by Statistics New Zealand, the annual trade deficit stood at USD1.9 billion by the end of last month, marking the largest annual deficit since June of 2009.
Total goods exports last month dropped by 5.5 percent on-year to USD3.07 billion, with dairy exports declining by 27 percent due to lower quantities for whole milk powder and lower prices.
"The value of whole milk powder we sent to China in April 2015 was a fifth of the April 2014 value. Volumes were a third of what they were in April 2014, and lower prices made up the rest of the fall," statistics manager said.
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