Falling currency cushions New Zealand exports in July

The falling value of the New Zealand dollar helped offset plunging international dairy prices and bolster the country's goods exports last month, figures from the government statistics agency showed Wednesday.

The value of total goods exported in July was 4.2 billion NZ dollars (2.73 billion U.S. dollars), up 41 percent year on year, according to Statistics New Zealand.

Fruit exports, up 51 percent, led the July rise along with a 24- percent rise in the value of meat exports, while exports of milk powder, butter, and cheese exports showed little change, up 0.1 percent.

"The small rise in dairy export values combined with the falling New Zealand dollar contributed to the rise in total exports value this month," international statistics senior manager Jason Attewell said in a statement.

Goods imports rose by 4.8 percent year on year in July to 4.8 billion NZ dollars (3.12 billion U.S. dollars), leaving a goods trade deficit equal to 15 percent of exports, compared with an average deficit of 9.2 percent over the previous five July months.

In the year ending July, the value of New Zealand goods exports fell by 4.2 percent to 48.25 billion NZ dollars (31.33 billion U.S. dollars), with exports to China, the second biggest export market plunging 27.5 percent to 8.35 billion NZ dollars (5.42 billion U.S. dollars).

For the year to July, the annual goods trade deficit was 2.7 billion NZ dollars (1.75 billion U.S. dollars). Endi