[NZ DATA REVIEW] With exp
By[NZ DATA REVIEW] With exports still rising more than imports y/y, NZ
posted its 5th consecutive annual trade surplus since July 2002 of NZ$ 870
mln in July; tad better than forecasts on a NZ$ 789 mln read and vs a
revised NZ$ 590mln surplus in July. However on the mth, the trade deficit
widened out to -NZ$ 437 mln, broadly in line with forecasts on a -NZ$ 500mln
gap and versus a revised -NZ$ 183 mln gap in July. Crimped by higher NZD &
lower dairy prices, exports tumbled for the third mth by a deeper 11.5%
m/m to NZ$ 3.15 bln (f/c $ 5.38bln). Otherwise faltering demand led to
imports slipping back by 4.0% to NZ$ 3.59bln (f/c $ 3.38bln). The ongoing
fall in mthly exports is disturbing & combined with a slowdown in imports,
suggests the economy has continued to lose momentum; which will keep RBNZ
well on hold
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