International trade data from NZ for October 2018, a miss

  • expected deficit if 850m NZD, prior 1560m deficit
  • Check out the surge in imports (number is below)

Exports come in at 4.86bn, miss on central estimate

  • exports were expected at 4.88bn, prior 4.33bn

Imports come in at 6.15bn

  • expected 5.74bn, prior 5.89bn
  • ... yowza. Imports are often taken as a measure of how strong an economy is (sucking in those wonderful goods from offshore!) ... if you like that view the NZ economy is a strong one indeed.
  • offsetting that argument is a lot of the big bill is from crude imports at high prices
  • this is the highest ever for imports in a month in NZ

NZD has already dribbled a bit lower since the Turmp China comments earlier: