The total value of merchandise exports in November 2007 rose 18.4 percent compared with November 2006, Statistics New Zealand said. This is the second consecutive month to see a large increase driven by petroleum and products. Combined, these two commodity groups made up a third of all exports and accounted for over 90 percent of the increase from November 2006.
Petroleum and products exports also showed a large increase, with crude oil making up most of the change. Merchandise imports in November 2007 were valued at $3.9 billion, the second highest figure for any month, following the record set in October 2007.
In November 2007, the monthly trade balance was a deficit of $646 million, down from the two largest November deficits, recorded in 2005 ($1.2 billion) and 2006 ($820 million). It is typical for the November month to be in deficit – a November surplus was last seen in 1991.
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