23 Dec 2015
NZ: Records slightly smaller than expected trade deficit in November - ASB
FXStreet (Delhi) – Research Team at ASB, notes that the NZ’s November trade deficit was slightly smaller than expected, at $779 million with both imports and exports stronger than expected during the month while China is NZ’s biggest trade partner, and remains on top of both the import and export tables.
Key Quotes
“Implications: There are no implications for our interest rate view. After pausing to assess the impact of the 2015 rate cuts, we expect the RBNZ cut the OCR in June and August 2016.
Both export and import values were in stronger than forecast over November.
Export values rose by a seasonally-adjusted 2.9% in November. The value of dairy receipts rose 9.5% from October due solely to higher volumes, which rose 12.4% on a month earlier.
In contrast, the seasonally adjusted value of meat exports rose 6.1%, reflecting higher prices and a 3.4% lift in volumes.
Meanwhile, seasonally-adjusted import values rose 5.8% on a month earlier.
China is top of the tables for both exports and imports for the year ended November. Australia had been the top goods export destination for the 6 months prior to October. Australia comfortably remains our second largest export destination, and third largest country for imports. The USA is our third biggest export destination, and is number two on the import tables.”
Key Quotes
“Implications: There are no implications for our interest rate view. After pausing to assess the impact of the 2015 rate cuts, we expect the RBNZ cut the OCR in June and August 2016.
Both export and import values were in stronger than forecast over November.
Export values rose by a seasonally-adjusted 2.9% in November. The value of dairy receipts rose 9.5% from October due solely to higher volumes, which rose 12.4% on a month earlier.
In contrast, the seasonally adjusted value of meat exports rose 6.1%, reflecting higher prices and a 3.4% lift in volumes.
Meanwhile, seasonally-adjusted import values rose 5.8% on a month earlier.
China is top of the tables for both exports and imports for the year ended November. Australia had been the top goods export destination for the 6 months prior to October. Australia comfortably remains our second largest export destination, and third largest country for imports. The USA is our third biggest export destination, and is number two on the import tables.”