|08-26-2014, 02:34 PM||#1|
New Zealand`s trade balance deficit worse than estimates in July
New Zealand`s business activity slowed in the first half of 2014, with mining investments falling and dairy exports lacking demand. The falling demand, especially from Australia and China, resulted in having a worse than expected trade deficit in July, adding more challenges against policy makers.
New Zealand`s trade balance deficit came in at NZ$ 692 million in July compared with a previous surplus of NZ$247 million that was revised lower to NZ$242 million, while median estimates referred to a deficit of NZ$ 475 million.
As for exports, it recorded NZ$ 3.70 billion in July from a previous NZ$4.20 billion that was revised to NZ$ 4.18 billion, while the reading missed analysts` estimates of NZ$ 3.98 billion.
Imports recorded NZ$ 4.40 billion last month compared with a revised NZ$3.94 billion from NZ$ 3.95 billion, and the expected reading was NZ$4.48 billion.
Things got more complicated in New Zealand when the reserve bank decided to raise interest rate to 3.50% to fight higher inflation; however, the taken step affected the business sector and consumer confidence negatively.
Furthermore, consumer confidence dropped to 125 in August, after recording 132.7 back in June. The confidence gauge fell 5.4% in August from an incline by 0.6%.
It is important to mention that global demand remains unstable at the current stage. Despite optimism is spread about recovery in the United States and Europe, no one can predict the future of demand levels in any market. Chinese exports slid 5.4%, while exports in Australia dropped 7.1%.
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