Gold and Silver Surge as Safe Haven Demand Rises on U.S. Economic Uncertainty 
Oil Prices Steady in Asia but Headed for Weekly Loss on Supply Glut Concerns 
Dollar Holds Firm Ahead of Global Central Bank Decisions as Yen, Sterling and Euro React 
Precious Metals Rally as Silver and Platinum Outperform on Rate Cut Bets 
U.S. Stock Futures Edge Higher as Micron Earnings Boost AI Sentiment Ahead of CPI Data 
Japan Inflation Holds Firm in November as BOJ Nears Key Rate Hike Decision 
Asian Stocks Slide as AI Spending Fears and Global Central Bank Decisions Weigh on Markets 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
RBA Unlikely to Cut Interest Rates in 2026 as Inflation Pressures Persist, Says Westpac 
BoE Set to Cut Rates as UK Inflation Slows, but Further Easing Likely Limited 
Asian Markets Rebound as Tech Rally Lifts Wall Street, Investors Brace for BOJ Rate Hike 
Kevin Hassett Says Inflation Is Below Target, Backs Trump’s Call for Rate Cuts 
New Zealand’s monthly goods deficit was the third largest on record when excluding large items (aircraft), surpassed only by the previous two months. The annual deficit is now the highest in 11 years.
Imports reached their highest level ever of USD6.2 billion in October, mainly due to petroleum products. Exports also rose strongly as fruit (in particular kiwifruit), meat and forestry products all continued recent strength.
The unadjusted monthly trade deficit pared back USD300 million in October to USD1,295 million. Both exports and imports were slightly higher than expected; petroleum products accounted for a third of the rise in imports. Cell phones and mechanical machinery and equipment also contributed strongly.
On a seasonally adjusted basis, exports fell 6.4 percent m/m, but are hovering around historically high levels. Surprisingly, fruit exports were down 0.9 percent m/m, despite the USD165 million in total kiwifruit exports being the highest on record for an October month. Dairy, meat and forestry products all rose on strong volumes (6 percent, 13 percent and 12 percent respectively).
Seasonally adjusted imports fell 4.6 percent m/m, partially unwinding last month’s revised 9.6 percent lift. Petroleum products fell 15 percent m/m in what typically is volatile data, but major imports such as mechanical and electrical machinery and equipment (cell phones) rose 20 percent and 6 percent apiece. Textiles also rose a solid 18 percent m/m. Overall, imports items came in on the high side and paint a picture of solid domestic demand.
On a regional basis, China continues to command a higher share of New Zealand exports. Exports to China in the past 12 months were $13.5 billion, representing 24 percent of all goods exports. This includes large chunks of New Zealand’s major export groups such as dairy, forestry, meat and fruit exports. By contrast, exports to Australia are just 16 percent of total goods exports.
