26 Nov 2015
New Zealand’s trade deficit shrank - UOB
FXStreet (Guatemala) - Analysts at UOB Group explained that New Zealand’s merchandise trade deficit shrank in October.
See here for latest NZD/USD price action.
Key Quotes:
"However, exports were weaker than expected as lower global dairy prices continued to diminish export receipts."
"The trade gap narrowed from a revised $1.14bn in September to $963mn last month, coming in slightly stronger than the market forecast of a $1.00bn deficit.
Exports fell 4.5% y/y to $3.83bn in October, led by a 20% decline in milk powder, reflecting lower term-gate milk prices. Imports were down 2.2% over the same period at $4.79bn last month, with capital goods imports 6.0% lower than a year ago in October."
See here for latest NZD/USD price action.
Key Quotes:
"However, exports were weaker than expected as lower global dairy prices continued to diminish export receipts."
"The trade gap narrowed from a revised $1.14bn in September to $963mn last month, coming in slightly stronger than the market forecast of a $1.00bn deficit.
Exports fell 4.5% y/y to $3.83bn in October, led by a 20% decline in milk powder, reflecting lower term-gate milk prices. Imports were down 2.2% over the same period at $4.79bn last month, with capital goods imports 6.0% lower than a year ago in October."