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New Zealand’s Trade Surplus Narrows as Exports Fall
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New Zealand’s trade surplus narrowed in June as a seasonal decline in farm production and falling prices curbed exports.
New Zealand’s commodity-export prices eased in June from a record high the previous month, led by dairy and aluminum, according to an ANZ National Bank Ltd. index. Exports, which make up 30 percent of gross domestic product, are expected to be underpinned by demand from China, the biggest customer for New Zealand milk.
“Exports are likely to be continuing to benefit from high commodity prices and Chinese demand,” Philip Borkin, an economist at Goldman Sachs JBWere Ltd. in Auckland, said ahead of the report.
The monthly figures aren’t seasonally adjusted and New... Full Story |
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Submitted Jul 28, 2010 7:28pm
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