New Zealand trade deficit narrowed to NZD -1.24B in September, down from NZD -1.63B, slightly better than expectation of NZD -1.38B. Exports rose 5.1% mom to NZD 4.47B. Imports dropped -2.1% mom to NZD 5.71B. For September quarter, exports dropped -0.9% qoq to NZD 14.8B. Imports rose 3.4% qoq to NZD 16.4B. Quarterly trade balance was a deficit of NZD 1.6B.
Separately, RBNZ Assistant Governor Christian Hawkesby said he’s “very” happy with the way in which interest rate cuts are feeding through into the economy. Additionally, he added that rising house prices could boost consumption and ultimately inflation..
