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.
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
