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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 May trade surplus narrowed to $46mn from a downwardly-revised $236mn. This left the YTD deficit slightly wider at $17.12bn from $17.02bn. Good exports rose 2.8% y/y and imports +4.4% y/y.
- The rise in May exports was driven by dairy products (+21% y/y) and fruit (+8.8% y/y). There were sharp drops in crude and petroleum products. Exports to China rose 18% y/y, to the US +10% but fell 14% y/y to Australia and -11% to the EU.
- Import growth was due to aircraft & parts, machinery & equipment and vehicles. Fertilisers, plastic and iron & steel weighed on imports. Imports of consumer goods continued to ease rising only 0.2% y/y in May, as expenditure slows in the face of rate and cost-of-living pressures.
NZ exports vs imports y/y% 3mma
Source: MNI - Market News/Refinitiv
NZ exports by destination 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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