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Forex News

Total exports plunge by 8.0% YoY while imports rise 3.5% between Feb 1 – May 6

Statistics New Zealand (Stats NZ) is out with its provisional trade data for the period between February 1 and May 6 to better reflect the coronavirus impact on the economy.

Key details

Total exports to all countries were down 8.0% ($101 million), from $1.27 billion to $1.17 billion.

Total imports from all countries were up 3.5% ($45 million), from $1.28 billion to $1.32 billion.

Exports to China were down 9.6% ($34 million), from $354 million to $320 million
imports from China were up 18% ($40 million), from $221 million to $261 million.

The data compares trade from February 1 to May 6 2020 against previous years.

Market reaction

The kiwi dollar is little changed on the data release, as NZD/USD remains in a wait-and-see mode ahead of the key RBNZ interest rate decision.

The spot is consolidating the recovery from lows and trades flat at 0.6080, at the time of writing.

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