In February, New Zealand’s seasonally-adjusted Trade Balance for the year ending February improved to -$11.99 billion compared to the previous period’s -$12.62 billion, with both Exports and Imports experiencing growth from January’s minor decline.
February Imports in New Zealand recorded a modest increase to $6.11 billion, showing a slight but notable recovery from January’s dip to an 11-month low of $5.9 billion. Meanwhile, the rebound in Imports was overshadowed by a stronger recovery in New Zealand’s Exports, which rose to $5.89 billion from January’s four-month low of $4.93 billion.
The overall merchandise Trade Balance for New Zealand came close to -$12 billion, with January’s Trade Balance witnessing a slight downward revision to -$12.62 billion from the initial print of -$12.5 billion.
Comparing February’s figures to the same period in 2023, New Zealand’s Exports surged by 16%, amounting to a $823 million year-over-year increase. Similarly, Goods Imports saw a 3.3% uptick compared to the same time last year, rising by $194 million year-over-year.
Market reaction
The NZD/USD is trading thinly in Friday’s early Asia market session, churning just beneath the 0.6050 level after the pair sagged from a failed bid to capture the 0.6100 handle amidst Thursday’s broad-market US Dollar recovery.
NZD/USD 5-minute chart
About New Zealand’s Trade Balance
Trade balance, released by Statistics New Zealand, is the difference between the value of country’s exports and imports, over a period of year. A positive balance means that exports exceed imports, a negative ones means the opposite. Positive trade balance illustrates high competitiveness of country’s economy.
