New Zealand recorded its biggest trade deficit in 10 months in July, driven by a jump in imports of crude oil and helicopters while exports fell.
The merchandise trade gap was $NZ774 million ($A677.40 million) last month, for an annual deficit of $NZ1.69 billion, according to Statistics New Zealand.
Economists had expected a trade surplus of $NZ50m in July for an annual deficit of $NZ830m.
New Zealand's trade balance typically turns to a deficit in July, reflecting seasonal lows in primary produce exports, though there were small surpluses in July 2011 and 2012.
The monthly numbers can jump around because of one-off shipments, such as a $NZ152m jump in helicopter imports in the latest month from a year earlier.
"It's likely that this monthly volatility largely reflects the timing of shipments," said Westpac Banking Corp economist Michael Gordon in a note.
"We expect volatility in the trade figures to continue for the next few months as a number of large movements (think drought and large swings in currencies) throw the balance around."
Imports in July rose 17 per cent from a year earlier to $NZ4.62b, beating the $NZ3.95b estimate in a Reuters survey and were a record for a month of July.
Exports of $NZ3.85b trailed the forecast of $NZ3.92b, reflecting a 64 per cent decline in crude oil exports and a 13 per cent decline in milk powder, butter and cheese. Exports of aluminium and fruit also fell, while logs and meat gained.
