ANZ's musings on NZ Trade data; The......>

DATA REACT: ANZ's musings on NZ Trade data; The trade deficit was $1.1bn in

September, again coming in below market expectations ($900m). Exports rose 4.2%

m/m (sa) but were outdone by imports, which lifted 4.9% m/m (sa). As expected,

dairy export volumes bounced back strongly (+37% m/m sa) from a similar-sized

fall last month, while seasonally adjusted fruit exports were down 22.7% m/m.

Imports were again strong at $4.9bn sa. Imports of machinery, intermediate and

consumption goods all had a strong showing indicating continued solid domestic

market activity. As the dust settles on the political front and policy details

emerge, the mix of big-ticket vs consumption import will be a focus