The New Zealand Trade Balance weakened on a monthly basis but improved on a yearly basis in June, remaining under pressure below the 0.6200 level for the NZDUSD currency pair.
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As per the latest New Zealand (NZ) foreign trade numbers from the New Zealand Statistics, the headline Trade Balance drops to $9M MoM in June versus $52M prior (revised). However, the annual trade deficit eased to $15.98B for the said month versus $-17.12B prior figures (revised from $-15.64B).
Further details suggest that Exports ease to $6.31B during the said month versus $6.97B (revised) prior whereas Imports also edge lower to $6.3B compared to $6.91B in previous readings.
NZD/USD offers no major reaction to the data while being depressed at the lowest levels in two weeks, around 0.6168 by the press time. That said, the Kiwi pair dropped heavily the previous week, mainly led by the broad US Dollar strength.
The Trade Balance released by Statistics New Zealand is a measure of the balance amount between imports and exports, and it is published in New Zealand dollar terms. A positive value shows a trade surplus while a negative value shows a trade deficit. Any variation in the figures influences the domestic economy. If a steady demand in exchange for exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the NZD.
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