NZ: Healthy trade data in December - TDS

Analysts at TD Securities point out that New Zealand’s trade surplus was a healthier +$NZ264m via weaker imports in Dec.

Key Quotes

“While intuitive to assume softer fuel imports, there were small declines across a range of goods such as machinery and cars. For Dec qtr exports -0.5%/q and imports +1.4%/q, so current account deficit tracking is unchanged at -3.9% of GDP and net exports are unlikely to add to Dec qtr GDP.”