NZ: Trade figures likely to show a deficit of around $760m - ANZ

New Zealand’s overseas Merchandise Trade figures for October are expected to show a monthly deficit of around $760m, according to analysts at ANZ.

Key Quotes

“There are a number of moving parts this month, such as the lower NZD, elevated commodity prices (although dairy prices started to slip during the month) and the impact of the wet weather delaying the start of early-season volumes for the likes of livestock and horticulture sectors. It makes for a bit of a confused picture.”

“On the imports side, it is the same in many ways. The recent trend has been decent, although we wonder whether with uncertainty around the election, together with the potential for housing weakness to spill into bigger-ticket consumer goods (cars especially) that the trend might begin to soften.”