NZ Stats: Total exports plunge by 8.0% YoY while imports rise 3.5% between Feb 1 – May 6

Dhwani Mehta FXStreet

Statistics New Zealand (Stats NZ) is out with its provisional trade data for the period between February 1 and May 6 to better reflect the coronavirus impact on the economy.

Key details

Total exports to all countries were down 8.0% ($101 million), from $1.27 billion to $1.17 billion.

Total imports from all countries were up 3.5% ($45 million), from $1.28 billion to $1.32 billion.

Exports to China were down 9.6% ($34 million), from $354 million to $320 million
imports from China were up 18% ($40 million), from $221 million to $261 million.

The data compares trade from February 1 to May 6 2020 against previous years.

Market reaction

The kiwi dollar is little changed on the data release, as NZD/USD remains in a wait-and-see mode ahead of the key RBNZ interest rate decision.

The spot is consolidating the recovery from lows and trades flat at 0.6080, at the time of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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