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Trade balance back in deficit
New Zealand: trade balance back in deficit, but focus now on RBNZ statement
* Imports rose due to large one-off purchases
* Exports weaker than expected, hit by stronger NZD
* Lower commodity prices to drag exports lower
New Zealand’s trade balance fell into deficit in June for the first month in five, falling to –NZ$417 million (J.P. Morgan NZ$350 million, consensus NZ$215 million) from an upwardly revised surplus of NZ$907 million in May (previously NZ$858 million). The unexpected deficit primarily owed to the purchase of aircraft, which drove a stronger than expected rise in imports in June, which most punters (including ourselves) thought would hold steady. With the one-off aircraft purchases removed, the trade balance would have been a surplus of NZ$154 million.
Full Trade Balance Update (pdf)
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