New Zealand September trade balance -1.615B vs -2.447B prior

• Prior was -2.447B
• Imports 7.64B vs 7.93B prior
• Exports 6.03B vs 5.48B prior

This is a nice turn after a long term record last month. The annual deficit (shown above) is enormous and that goes some way to explaining the weakness in NZD this year. However if we see more evidence of a turn, the kiwi could bottom. In terms of this report, the market reaction was nil.