New Zealand trade balance

Trade balance NZD 85 m surplus

  • expected -200m, prior was +242m

Exports 4.63bn, a beat

  • expected 4.42bn, prior was 4.70bn

Imports 4.55bn, lower than expected

  • expected 4.60bn, prior was 4.46bn

In my 'preview' earlier I noted BNZ were looking for a surplus ... kudos to them, they were well away from consensus (a deficit)

Via Stats NZ:

  • A recovery in dairy export prices helped boost July 2017 exports
  • July months are typically deficits," overseas trade manager Tehseen Islam said. "This is the first July surplus since 2012 ($98 million) and only the 11th July surplus since 1960. This month's surplus compares with a $351 million deficit in July 2016, in part reflecting a large aircraft import back then."
  • Exports rose $668 million (17 percent) in July 2017, compared with July 2016
  • Imports rose $232 million (5.4 percent) in July 2017, led by vehicles, parts, and accessories - up $154 million (25 percent). Aircraft and parts fell, due to a large import in July 2016.
  • The annual deficit was $3.2 billion, down from $3.6 billion for the June 2017 year.

NZD/USD popped a few tics on the data release. it had fallen since the government funds update yesterday.