NZ trade balance unraveled – ANZ

By FXStreet FXStreet (Guatemala) – The New Zealand came in as mildly positive while the dairy volume surge was offset by aircraft as noted and explained by analysts at ANZ.

Key Quotes:

“A $779m trade deficit was recorded in November, which was in line with market expectations (-$810m). Both export and import values were stronger than expected. In seasonally adjusted terms, the deficit printed at $524m, which is the ninth deficit recorded so far in 2015. The annual trade deficit widened to $3.68bn, the largest in 61⁄2 years.

Seasonally adjusted export values rose 2.9% m/m (-3.5% 3m/3m), the first gain in three months. Dairy values surged 9.5% m/m, helped by a 12.6% climb in export volumes. Increases in export values were also evident for most commodity exports, including meat (+6.1% m/m) and forestry (+2.2%), partly offset by sharp falls in (volatile) oil exports. The high NZD/AUD continued to weigh on manufacturing exports, with non- primary manufacturing export values down 2.4% m/m.

Import values surged 5.8% in seasonally adjusted terms (-2.3% 3m/3m). The import of an aircraft boosted the import bill by $276m. Core capital goods imports ($806m sa) declined 13%, but remain reasonably elevated in historical terms. Imports generally continued to show a degree of resilience, …read more

Source:: FX Street