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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NEW ZEALAND
NZ’s trade deficit widened in January to $976mn from $368mn but the 12 month YTD sum narrowed to $12.5bn from $13.6bn, the best in 18 months. Export and import growth are both weak with shipments to major destinations contracting.
- Merchandise export growth improved moderately to -7.1% y/y from -9.6% in December this still outpaced import growth which deteriorated 22.6% y/y after -10.3%. The level of imports was its lowest since September 2021, signalling weak domestic demand but helping the 12-month deficit to improve. Consumer goods imports fell 6.7% y/y.
- Goods exports to China are down 2.8% y/y, -5.6% y/y to the US and -17% y/y to Australia. Lower shipments of dairy and meat products and wine are weighing on NZ’s trade position.
- There were sharp drops in imports of petroleum (-50% y/y), vehicles (-20% y/y), ships & boats (-90% y/y) and machinery & equipment (-12% y/y), which probably also reflect the unwinding of Covid-related pent up demand.
NZ merchandise exports vs imports y/y% 3-month ma
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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