New Zealand trade deficit hit 9-year high in July

The New Zealand's trade deficit in July widened to a 9-year high, courtesy of a sharp rise in petroleum imports. 

The trade deficit rose to $4.4 billion year-on-year in July - the largest deficit since March 2009 - from an upwardly revised June figure of $4.21 billion, Statistics New Zealand said. 

Exports were $56.2 billion, up $5.7 billion on the year and import stood at $60.7 billion, up $6.9 billion. 

Imports of petroleum and products rose 30 percent year-on-year in July to $6.5 billion, largely due to higher crude oil prices.