Key developments from the NZ economy - UOB

Analysts at UOB explained recent developments for the NZ economy.

Key Quotes:

"New Zealand’s trade balance turned positive in March after eight months of contraction – the merchandise trade deficit rose to NZD332mn in March, from a revised NZD50mn deficit the previous month. March was the first time in nine month Wellington ran a trade surplus. The shortfall had narrowed in recent months amid a broad pick-up in dairy sales. 

In annualized terms, the deficit narrowed to NZD3.67bn from NZD3.79bn the previous month. Exports rose to NZD4.65bn in the 12 months through March. Imports also advanced to NZD4.31bn. 

New Zealand residential building consents dipped in March after a strong rise in February. Seasonally adjusted dwelling consents fell 1.8 percent to 2,651 in March after rising a revised 17 percent in February, Statistics New Zealand said. New housing permits fell a seasonally adjusted 5.2 percent to 1,758."