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NEW ZEALAND
The NZ trade deficit widened sharply in March to $12.73bn from $7.96bn, this left the YTD value at $16.4bn from $15.7bn.
- The Q1 seasonally adjusted trade deficit widened $354mn from Q4. This data only includes goods and with the return of tourism services exports are likely to have improved, but it is suggesting that the Q1 current account deficit is unlikely to improve significantly from Q4’s 8.9% of GDP, the highest in the OECD. Q1 exports fell 2.7% q/q and imports were little changed.
- The deterioration in the goods trade position was driven by stronger imports. Imports rose 10.2% y/y, driven by soaring petroleum and products, while exports rose only 0.6% y/y. The weak export result was due to a drop in milk powder, butter and cheese, the largest export group, and also meat.
- Exports to China fell 5.7% y/y% driven by lower milk product and wood shipments. But exports to Australia rose 30.2% y/y and to the US 4.1% y/y. Japan fell 9.6% y/y. Imports from the US rose 39% y/y but fell 13% from China.
New Zealand trade balance $mn 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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