New Zealand's Trade Deficit Narrowed As Imports Slumps
New Zealand's economy noticed a narrowed deficit in its trade balance reading in December, where the nation's imports slid to the lowest in eight month, while dairy exports increased to record its highest since January 2012.
New Zealand's economy released its trade balance reading concerning the month of December, where the reading came more-than-expected reading to NZ$ 486 Million, compared with analysts' expectations of NZ $-105 million, while the previous reading recorded NZ$ -700 million which revised to NZ$ -590 million.
At the same time, New Zealand's Exports also recorded unexpected incline during the month of December last year, where the actual reading inclined to NZ$ 4.07 Billion, compared with analysts' expectations of NZ$ 3.98 billion, while analysts' expectations recorded a revised NZ$3.83 billion from NZ$3.81 billion,
On the other side, the nation's imports slid in December to NZ$ 3.58 billion after recording a NZ$ 4.551 billion in prior reading which revised to NZ$ 4.42 billion, while analysts' expectations were NZ$ 4.13 billion.
Meanwhile, Chinese recovery supported New Zealand's economy to improve and rebound its trade activity, where Chinese GDP and iron ore demand showed positive signs during the recent period, which boosted the outlook for the world's second largest economy as well as global recovery.