Analysts at the New Zealand and Australian Banking Group (ANZ) reported their results after the New Zealand trade balance was released early Monday.
They said: "Exports improved slightly in July, but large imports lowered the trade balance and created a deficit of $ 685 million.
The increase in imports of gasoline and machinery made the annual trade balance reach $ -5.46 billion. July delivered an unadjusted monthly trade deficit of $685m. Deficits are normal due to the limited volume of agricultural exports during the winter months.
On an unadjusted basis export returns were down 5.8% YoY in July while imports were up 3.1%.
They see limited exports in August due to low seasonal production and reduced tree cutting.