New Zealand trade deficit narrows considerably in November
New Zealand reported a trade deficit of NZD 0.4 billion in November, which compares with a NZD 1.2 billion trade gap in the same month of 2023.Total exports surged 9.1% year-on-year to NZD 6.48 billio
New Zealand reported a trade deficit of NZD 0.4 billion in November, which compares with a NZD 1.2 billion trade gap in the same month of 2023.
Total exports surged 9.1% year-on-year to NZD 6.48 billion in November. That reflected higher shipments of:
– fruit (162% YoY);
– precious metals, jewelry and coins (51% YoY);
– milk powder, butter and cheese (12% YoY).
Exports decreased for:
– casein (-22% YoY);
– iron and steel (-20% YoY);
– edible preparations (-7.8% YoY);
– machinery (-6.2% YoY).
Total imports went down 3.9% year-on-year to NZD 6.91 billion due to lower purchases of:
– aircraft and parts (-74% YoY);
– petroleum (-32% YoY);
– vehicles (-14% YoY).
Imports rose for:
– fertilizers (123% YoY);
– sugars (103% YoY);
– electrical machinery (7.3% YoY).
The New Zealand Dollar was 0.15% firmer on the day against its US counterpart, with the NZD/USD currency pair last trading at 0.5637.
The Forex pair was holding near a more than two-year low of 0.5607, registered on Thursday.
The Kiwi still remained under pressure from a stronger US Dollar, after a rather hawkish signal from the Federal Reserve.
Disclaimer: The views in this article are from the original Creator and do not represent the views or position of Hawk Insight. The content of the article is for reference, communication and learning only, and does not constitute investment advice. If it involves copyright issues, please contact us for deletion.