Susan Kilsby, economist at ANZ, points out that for the New Zealand economy, May delivered an unadjusted monthly trade balance of $264m, down on the previous month and below expectations.
“Exports of dairy commodities returned 15.2% more in May this year than the corresponding month a year ago.”
“On a seasonally adjusted basis, exports increased 4.2% m/m, while imports lifted 1.4%.”
“China continues to account for much of the lift in exports. In the 12 months to May exports to China lifted 22.1%, with May returns up 29.1% y/y. Australia and Singapore are our only large trading partners for which our export returns have fallen in the past year.”
“Looking forward, we expect to see export volumes drop away seasonally as the volume of dairy and meat products processed falls through the winter months. The recent weakness in dairy prices will also start to flow into export returns in the coming months.”
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.