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Analysts at TDS note that the New Zealand’s trade surplus for May came in at NZ$294m, above consensus forecasts for a NZ$100m surplus but below TD’s NZ$500m expectation.

Key Quotes

“Exports fell 0.3%/m in May (following a 6% rise the previous month) while imports were down 4.3%/m.”

“Business Confidence and Activity Gauges for June fell to 7m lows – Confidence fell from -27.2 in May to -39 and the Activity Outlook dropped to 9.4 from 13.6 in May. 48% of firms expect a deterioration in business conditions (9% see an improvement), employment intentions fell with just 17% expecting to hire and commercial construction intentions fell to the lowest since 2010. Expected profitability was -17, suggesting little scope to pass on cost increases.”