New Zealand Trade Balance declines $1.234B versus $-1.2B forecast as goods trade slumps
|New Zealand's Trade Balance declined more than expected in November after goods exports fell by $337 million, or 5.3%, to $6 billion for the year through November.
Goods imports declined by an additional $1.3 billion for the year, or 15%, to 7.2 billion.
Total New Zealand exports by trading partner rose with the US, rising 18% or $110 million, but exports to all other major trade partners with New Zealand declined, with exports to China declining $183 million, nearly ten percent.
Imports were also down across the board, with motor vehicles and vehicle parts leading the charge, declining over 50% for the year, falling $352 million.
Market reaction
The NZD/USD finds itself pinned to the 0.6200 handle heading into Tuesday's market session as the Kiwi struggles to develop momentum, but thin pre-holiday markets are limiting downside data fallout.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.