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Analysts at TD Securities note that New Zealand’s trade deficit for July came in at NZ$685m as compared to a NZ$365m surplus in June, exceeding market expectations of a NZ$254m deficit.

Key Quotes

“Exports for July rose to $5.03b from $5.01b in June. Imports shot up to $5.71b in July from $4.65b in June, reaching an 8-month high. This surge was driven by the increase in demand for capital goods. Crude oil imports rose by around NZ$100m from June. Over all, the 12-month trade deficit rose to 5.463b.”