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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 July merchandise trade balance shifted into deficit, a deterioration in July is not unusual. The trade deficit was $963mn after a surplus of $585mn in June but the YTD deficit improved to $9.29bn after $9.50bn. The peak deficit in May 2023 was $17.1bn. Seasonally adjusted exports and imports were higher on the month, but imports were a lot stronger thus driving the deterioration in the trade balance.
NZ merchandise trade balance YTD $bn
Source: MNI - Market News/Refinitiv
- Goods exports rose 14.3% y/y in July driven by dairy products, fruit and crude oil. There was an increase in dairy volumes too. Exports to key destinations are recovering with shipments to China up 8.5% y/y, Australia +19% y/y, Japan +5.3% y/y and Europe +33% y/y, while the US remains positive at 4.7% y/y.
- Merchandise imports are up 8.5% y/y driven by electrical equipment, petroleum and pharmaceuticals. There was a large drop in vehicles due to fewer EVs. Consumer goods imports were robust rising 8.3% y/y but capex goods were weak with plant equipment up only 0.7% y/y.
NZ exports vs imports y/y% 3-mth ma
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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