NZ: November trade deficit pared to $753 million – ANZ

Susan Kilsby, agriculture economist at ANZ, notes that New Zealand’s trade deficit for November was pared to $753 million with exports and imports were at the highest level recorded for the month of November, with both figures slightly stronger than expected.

Key Quotes

“Exports lifted to $5.23bn, while imports came back slightly from the previous month to $5.98bn. The annual trade balance narrowed from -$5.07bn to -$4.82bn.”

“On an unadjusted basis, export returns were up 7.6% y/y in November while imports were down 2.0%.”

“The value of goods imported in November lifted 4.8% m/m on a seasonally adjusted basis. The actual value of goods imported was at a record level for the month of November as retailers stocked up ahead of the festive season. Monthly figures were also buoyed by more spending by the health sector on pharmaceutical products and medical equipment.”

“Looking forward, export volumes for December will be bolstered by the normal seasonal increase in meat production and dairy export volumes will also be strong. Imports are expected to ease as the Christmas rush passes.”