NZ: Modest trade surplus in April - Westpac

Michael Gordon, analyst at Westpac, notes that New Zealand economy recorded a modest $433m trade surplus in April.

Key Quotes

“The result was close to expectations, though we saw some risk of a lower number as payback for the surprisingly large $824m surplus in March (which itself was revised down from $922m).”

“April is usually at or near the seasonal peak for the trade balance. In seasonally adjusted terms, the country recorded a $348m deficit in April, after a $75m surplus in March.”

“Exports were down 7.8% in seasonally adjusted terms, reversing most of the upward spike in March.”

“Seasonally adjusted imports were flat for the month. Petroleum imports rose, reflecting the recent lift in world oil prices. Imports of capital equipment were weaker.”