NZ: Blockbuster March trade surplus figures – TDS

Analysts at TD Securities note that the New Zealand’s witnessed a blockbuster March surplus of $NZ922m with exports leaping to $NZ5.7b, a fresh record high heading to AUD, JPY and CNY.

Key Quotes

“The import slide to $NZ4.77b was unexpected given that fuel prices have accelerated in recent months and NZ is a heavy importer of energy. The March decline in fuel imports must then be set for an April rebound. Our Q1 GDP tracking has jumped from 0.3% to 0.8% just on today's trade news of higher exports and lower imports.”

“We won't know the price-volume split until early June but looks like trade adds 0.5%ppt to GDP growth and the current account deficit shrinks to -3.2% of GDP (from -3.7%).”

“Also released consumer confidence jumped another 1% to 123.2 in April, likely pleased with the PM's decision to not proceed with a CGT.”

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