New Zealand’s Trade Deficit shrunk in the year through July as imports contracted and exports showed no significant movement. Indeed, the month saw the deficit contract for the sixth of seven months with imports declining 20.9%. Its largest trading partner, Australia, saw itself actually exporting more goods to the island country – by a magnitude of 25.2%. Much of the brunt felt as a result of the decline in New Zealand consumption for foreign production was felt by Europe, which saw it’s exports to the country plummet 43.0%.