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Updated Friday, January 8, 2010 11:05 am TWN, Bloomberg

New Zealand annual trade deficit narrows on imports

WELLINGTON -- New Zealand posted its smallest annual trade deficit in more than seven years in November as imports fell to a six-month low, outpacing a decline in exports. The shortfall narrowed to NZ$846 million (US$624 million) in the 12 months ended Nov. 30 from a revised NZ$1.17 billion in the year through October, the statistics bureau said in Wellington today. The gap was the least since September 2002.

The trade deficit has shrunk to less than a sixth of its size at the start of 2009 as the nation's worst recession in three decades curbed demand for imports.

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