NZ October trade balance: Deficit of 1295m NZD (vs. expected deficit of 850m)

Author: Eamonn Sheridan | Category: News

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:

 
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