Analysts at ANZ note that New Zealand’s goods trade balance slipped into deficit in June to the tune of $113m, driving a widening in the annual deficit to $4.0b.
“The unadjusted trade deficit was $113m – weaker than expected. This along with revisions saw the annual deficit widen $0.4b to $4.0b.”
“The big picture remains solid with broad-based strength across most export sectors, led by strong demand from Greater China and the rest of Asia.”
“Seasonally adjusted export values lifted 2.5% m/m in June. However, the big three – dairy, meat and forestry – were soft.”
“At 6.8% m/m, growth in seasonally adjusted imports outpaced that of exports, driving the annual deficit wider.”
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