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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.
NEW ZEALAND
The trade deficit widened sharply in January as imports rose and exports fell. Strong domestic demand and high prices have boosted import growth over the last year. The trade deficit was $1.95bn from an upwardly revised $0.64bn the previous month bringing the 12-month deficit to $15.48bn from $14.63bn. The annual deficit in January 2022 was $7.5bn. While the widening deficit is a concern, this data is unlikely to impact the RBNZ’s decision today.
- Dairy products continued to be the drivers of NZ exports up 25% y/y. Whereas meat shipments fell 9% y/y. Exports to China remained strong up 8.5% and it remains NZ’s largest export destination just ahead of Australia, which rose 21% y/y.
- Imports continued to be driven by petroleum and products up 173% y/y in value terms. China remains the largest source of imports into NZ. Consumer goods imports remain strong rising 15.7% y/y in January and transport equipment for investment rose 40.8% y/y.
NZ imports y/y% 3mma
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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