As New Zealand steps into the final quarter of 2024, the country's trade balance paints a slightly optimistic picture with a narrowing deficit. The latest figures released highlight a reduction in the trade deficit from -2154 million NZD in September 2024 to -1544 million NZD in October 2024. These numbers were updated on 24 November 2024.
This narrowing of the trade balance indicates a Month-over-Month improvement, marking a significant turnaround compared to prior months. The previous indicator for September pointed to a broader deficit when compared to August, but October's performance signals a positive shift in the right direction.
The improvement suggests that either exports have seen an upswing, imports have slowed, or both. Analysts will be keenly watching next month's figures to determine if this trend continues. For stakeholders in New Zealand’s economy, this represents a hopeful development amid broader economic challenges faced throughout the year.
