New Zealand's travel exports gain reduces trade deficit

Xinhua
02 Jun 2023, 14:30 GMT+10

WELLINGTON, June 2 (Xinhua) -- New Zealand's trade deficit narrowed to 3.2 billion NZ dollars (1.95 billon U.S. dollars) in the March 2023 quarter, compared with 3.9 billion NZ dollars (2.38 billon U.S. dollars) in the March 2022 quarter, contributed by an increase in travel exports, according to the statistics department Stats NZ on Friday.

The main contributor to the narrowing of the deficit was an increase in travel exports, which increased 385 percent compared to the March quarter last year, to 3.8 billion NZ dollars (2.32 billon U.S. dollars). Travel exports represent the amount spent by visitors in New Zealand during the period, Stats NZ said.

"Travel credits continue to climb as international travel patterns return to normal," international trade manager Alasdair Allen said, adding that "however, they are still not quite back to pre-COVID levels."

Travel exports to Australia represented 22 percent of total travel exports in the March 2023 quarter. China and the United States accounted for 13 percent and 12 percent, respectively.

"Total spend from Australian travelers has almost returned to what we observed before COVID," Allen said, adding that spend from other countries are yet to reach previous levels.

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