NZ: Positive trade balance figures in December - ANZ

Susan Kilsby, agriculture economist at ANZ, points out that the New Zealand’s unadjusted monthly trade balance turned a surplus of $264m in December – following six months of trade deficits.

Key Quotes

“Exports at $5.48m were aligned with our expectations on the back of strong agriculture output while imports were slightly lower than expected.”

“On a seasonally adjusted basis, exports increased 6.2% m/m. As expected, a lift in dairy exports offset a reduction in meat.”

“Seasonally adjusted imports rose 0.4% m/m. Petrol imports (which are highly volatile) rebounded 19% on the back of two consecutive monthly declines, while other key import categories softened.”

“On a quarterly basis, the seasonally adjusted goods deficit increased by $309m to $1487m on the back of a 0.5% fall in exports and a 1.4% increase in imports.”