New Zealand July trade deficit soars

WELLINGTON, New Zealand, Aug. 25 (UPI) -- New Zealand's trade deficit worsened in July reaching $617 million, despite economists' predictions.

"While a deficit is normal for a July month, this deficit is the largest July deficit on record," said Brian Pink, a government statistician, the New Zealand Herald reported.

The July deficit swelled from last year when it reached $384 million. July exports were worth $2.43 billion, down 1.4 percent on July 2004, while imports were $3.05 billion, up to 6.9 percent on July 2004.