New Zealand’s economic agency, Statistics New Zealand, published their recent findings on the New Zealand trade balance. The report revealed a sharp decline from the previous month’s growth, and shrinkage far beyond that expected by professional forecasts.
The island economy’s trade balance for the past three months had reported gradual growth to just beyond NZ$ 1.1B in surplus. Forecasts for June had anticipated a mild downturn from that recent peak, but actual results saw the number dropping rapidly to slightly higher than NZ$ 600M in surplus.
This slowdown is happening alongside consumer fears that the New Zealand government will have difficulties rebuilding Christchurch due to a sluggish economy. As a result, the NZD has seen steady declines for the past three trading days.
Read more forex trading news on our forex blog.
