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Analysts at TD Securities point out that the New Zealand’s Oct trade deficit disappointed, coming in worse than expected at -$1.3b vs -$0.85b forecast.

Key Quotes

“Even though exports rose to $NZ4.9b, it was offset by a record rise in imports to $NZ6.2b largely due to higher crude oil prices and a weaker NZD. This pushed the annual deficit to the largest in 11 years.”

“RBNZ residential mortgage lending data for October showed total lending rose to a 5m high, up 20%/yr. Lending to 1st home buyers is up 27%/yr, to owner occupiers +26%/yr while lending to investors dropped 1.5%/yr.”