As per Stats NZ, two months of extremely fewer imports have led to the weakest annual trade deficit since December 2014.
For the year ended in May 2020, the annual trade balance was a deficit of NZD 1.3 billion. The difference between annual imports and exports narrowed by an additional NZD 1.1 billion when compared with the year ended in April 2020.
Monthly imports stood at NZD 4.1 billion in May 2020, dipped by 25.6 per cent as compared to NZD 5.6 billion in May 2019. The most significant fall was in the imports of motor vehicles and parts, which declined by NZD 451 million.