According to the provisional trade data released by Statistics New Zealand (Stats NZ) for the period May 1 to May 3 on Wednesday, the exports are seen slowing in May due to the coronavirus impact on the economy.
Key details
Exports -10.0% YoY for the period of 1-13 May.
Imports -2.9% YoY for the period of 1-13 May.
Exports -2.5% YoY to NZ$2.16 billion in April.
Imports -22.0% YoY to NZ$3.99 billion in April.
Exports are seen down 1.1% while imports are expected to drop 8.1% up until the period of 13 May YTD.
Market reaction
The kiwi dollar is unfazed by the above indicative data, as NZD/USD trades with sizeable gains above 0.6100.
At the time of writing, the major rallies 0.60% to 0.6108, having hit a daily high of 0.6118.
