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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
April trade figures for NZ showed the trade position moving back into surplus (NZ$427mn). This is the first surplus since May last year, see the chart below. The trade balance does tend to exhibit some seasonality, with Q2 tending to be the best part of the year in terms of the trade position. Hence, we may slip back into deficits in the months ahead. The 12 month deficit also continued to trend down to -NZ$16804mn.
- Still lower energy related commodity prices should provide some relief for the import bill. Imports fell to NZ$6.38bn in Apr, from a revised NZ$7.87bn in Mar. We are well off late 2022 highs around NZ$8500mn, although some softening in domestic demand will also be a factor.
- The NZ Treasury noted yesterday it expects the current account deficit to narrow (as part of its Budget update).
- Exports rose to NZ$6.80bn from a revised NZ$6.28bn in Mar. In the month, exports to China rose 10.4%, while for the year they were up 15.5%.
Fig 1: NZ Trade Position Moves Back Into Surplus
Source: MNI - Market News/Bloomberg
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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