New Zealand Exports Rise Below Expectations
Exports from New Zealand increased 2.8 percent year-on-year to NZD 5.01 billion in June 2019, after a downwardly revised 7.4 percent climb in the previous month and below market consensus of NZD 5.29 billion, mainly driven by softer sales growth of milk powder, butter & cheese, which climbed only 3.2 percent to NZD 1.15 billion after rising 15.2 percent in the previous month. Meantime, sales rose for preparations of milk, cereals, fluor & starch also lost steam (25.9 percent vs 41.3 percent in May). In contrast, exports of mechanical machinery & equipment dropped edged up 0.6 percent to NZD 0.16 after falling 3.9 percent. By destination, exports went up to China (27.1 percent), Malaysia (18.6 percent), and Japan (2.6 percent). In contrast, sales went down to the EU (-15.7 percent), Australia (-6.8 percent), the US (-6.3 percent), Korea (-5.0 percent).
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