New Zealand Trade Balance declines $1.234B versus $-1.2B forecast as goods trade slumps

New Zealand's Trade Balance declined more than expected in November after goods exports fell by $337 million, or 5.3%, to $6 billion for the year through November.

Goods imports declined by an additional $1.3 billion for the year, or 15%, to 7.2 billion.

Total New Zealand exports by trading partner rose with the US, rising 18% or $110 million, but exports to all other major trade partners with New Zealand declined, with exports to China declining $183 million, nearly ten percent.

Imports were also down across the board, with motor vehicles and vehicle parts leading the charge, declining over 50% for the year, falling $352 million.

Market reaction

The NZD/USD finds itself pinned to the 0.6200 handle heading into Tuesday's market session as the Kiwi struggles to develop momentum, but thin pre-holiday markets are limiting downside data fallout.