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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 narrowed to $475mn in December after an upwardly revised $2180mn the previous month. The deficit in 2022 was $14.5bn about double that of 2021’s $7.1bn, as exports rose 14% and imports 23% on the back of higher prices (the series are nominal). Export and import growth are off their peaks but remain elevated.
- Statistics NZ noted that “Many major export commodities eased in volume but saw price increases drive higher values across the year.”
- Exports rose 11% y/y in December driven by strong shipments of dairy products which were 17% higher. Dairy prices rose strongly over the month with the average price per kg of milk and cream up 16%. Wine exports were also strong +68% y/y.
- Demand from the US drove the exports (+40%) and imports (+80%) results. Exports to China were up slightly but remained strong to Australia, Japan and the EU.
- Imports rose 1.8% y/y, again driven by the US (+80%) but incoming goods from China and Australia were also robust. The rise was concentrated in aircraft & parts and food residues & fodder.
NZ exports vs imports y/y% 3m ma
Source: MNI - Market News/Refinitiv
NZ exports by country 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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