New Zealand Trade balance: -1350m (vs. expected -625m) via ForexLive

New Zealand September trade balance data.

Trade balance, -1350m

• expected -625m, prior was -472m

Exports, 3.61bn

• expected 3.50bn, prior was 3.52bn

Imports,  4.97bn

• expected 4.20bn, prior was 4.00bn

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New Zealand hoovering in the imports!

From Statistics New Zealand (bolding mine):

• The seasonally adjusted value of exported goods fell 3.0 percent, to $12 billion, in the September 2014 quarter
• Imports rose 3.7 percent, to $13 billion
• The fall in exports in the latest quarter follows a 7.5 percent fall in the June 2014 quarter
• Falls for both quarters were led by milk powder, butter, and cheese; and logs, wood, and wood articles
• “This is the first quarter since September 2013 where exports to Australia were greater than to China,” international statistics manager Jason Attewell said. “China's rise to being our number one export market coincided with record dairy exports (driven by both prices and volumes) in the year to the September 2014 quarter.”
• The rise in imports was led by capital goods, mainly influenced by imports of large aircraft in the September 2014 quarter.
• Excluding these aircraft, seasonally adjusted imports showed little change, at 0.2 percent.
• The seasonally adjusted trade balance for the September 2014 quarter was a deficit of $1.0 billion, equivalent to 8.6 percent of exports.
• For the September 2014 month, import values increased $927 million (23 percent) compared with September 2013, while exports fell $203 million (5.3 percent)
• The trade balance for the September 2014 month was a deficit of $1.4 billion (37 percent of exports).

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