LONDON: Economic data released through the Asian session was on the heavier side this morning, with stats including New Zealand’s trade figures for March, inflation, industrial production and retail sales figures out of Japan and wholesale price inflation numbers out of Australia.
Milk power, butter and cheese led the export rise, up NZ$116m (11%) to NZ$12bn, with the export of logs, wood and wood articles (18%) and petroleum and products other than crude seeing a moderate increase.
Exports to Australia saw the largest rise, up 11%, followed by the U.S up 5.8% and the EU, up 4.9%, while exports to China slipped 4.3% and down by 3.9% to Japan.
On the import side, petroleum and products rose by a whopping NZ$297m (88%), driving the headline figure, with imports of aircraft and parts, mechanical machinery and equipment and vehicles parts and accessories also contributing.
By country, imports from the U.S were up 30%, up 19% from the EU and 4.7% from China, while down by 8.8% from Japan.
The March monthly deficit was the first deficit since 2008, figures released by Stats New Zealand.
The Kiwi Dollar moved from $0.70628 to $0.70565 upon release of the figures, which will weigh on 1stquarter GDP numbers.
