New Zealand goods exports dropped NZD -350m, or -8.0% yoy to NZD 4.0B in September. Goods imports also dropped NZD -643m, or -11.0% yoy, to NZD 5.0B. Trade deficit came in at NZD -1017m, narrowed from August’s NZD -282m, largely inline with expectations. Imports from all top trading partners decline, including China, EU, Australia, US and Japan. Exports to all top trading partners also declined, except to US.
For the quarter, exports rose 0.7% qoq to NZD 14.8B in Q3. Imports rose 3.3% qoq to NZD 13.6B. Trade balance for Q3 was a surplus of NZD 1.2B.
