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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
NZ recorded a merchandise trade surplus of $204mn for May after a small deficit of $3mn. The YTD deficit narrowed moderately to $10.05bn from $10.22bn and appears to have stalled around here. Exports rose 2.9% y/y outpacing imports at 0.6% y/y. The trade position is being helped by strong demand from the US, NZ’s second largest destination.
NZ merchandise trade balance $bn YTD
Source: MNI - Market News/Refinitiv
- Exports to the US rose 33.2% y/y in May, driven by beef, compared with shipments to China falling 11.6% y/y. They were weak to Australia but rising solidly to both Japan and Europe. Statistics NZ observes that May was the first time that exports to the US reached the $1bn mark.
NZ exports by country y/y% 3-month ma
Source: MNI - Market News/Refinitiv
- Imports are soft in line with the weakening domestic economy. Consumer goods rose only 1.6% y/y while plant & equipment fell 13.5% y/y.
- Export growth in May was driven by wine, food preparations and precious metals & jewellery. Imports of petroleum, cereals and sugar were strong. The data is nominal and so is impacted by price movements, especially for volatile commodities.
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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