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New Zealand Trade Deficit worsens

Posted by Akhilesh Ganti on Aug 25, 2013 6:58:00 PM

New Zealand’s July Trade balance posted a deficit of NZ -774 Million, much greater than the NZ -16 Million that the market was expecting. Exports came in at NZ 3.85 Billion which was lower than the NZ 3.9 Billion estimate while imports posted a NZ 4.62 Billion reading -vs- estimates of NZ 3.9 Billion. This pushed the 12 month trade deficit to NZ 1.69 Billion and gave credence to the RBNZ's claims that the over valued Kiwi is a detriment for exporters. NZD/USD dropped about 20 pips to 0.7791 on this release but has since stabilized around 0.7800.

{chart:Bloomberg}
NZ tradeBalance Jul2013 resized 600

 

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