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NZ commodity exports seen rising 9.2% in 2018

Morocco’s auto industry exports likely to rise to $10b by 2020

WELLINGTON: New Zealand’s primary sector exports are expected to rise 9.2 per cent in the year to June 30, 2018, according to the latest Situation and Outlook for Primary Industries, little changed from the assessment in June. The Ministry for Primary Industries has begun publishing its SOPI on a quarterly basis. Total primary sector exports are forecast to be $41.62 ... Read More »

New Zealand CPI rises 0.5% on the quarter


WELLINGTON: The quarterly inflation data from New Zealand saw consumer prices rising 0.5% in the quarter ending September. It was higher than the median estimates of 0.4% and also beat the 0.2% forecast given by the Reserve Bank of New Zealand. The third quarter increase in inflation puts it in line with the RBNZ’s target although the central bank is ... Read More »

NZ Q3 inflation seen picking up, unlikely to change c.bank’s neutral stance


WELLINGTON: New Zealand’s inflation rate is expected to have picked up in the third quarter, slightly exceeding central bank forecasts, but that is unlikely to alter the bank’s resolution to keep interest rates on hold, possibly for years. Ten economists polled by Reuters expected the consumer price index (CPI) to rise an average of 0.4 percent in the third quarter ... Read More »

Capital gains tax could help form fairer system for New Zealand: Healy


  WELLINGTON: A capital gains tax won’t affect housing affordability but could make the New Zealand tax system fairer, BNZ’s chief executive says. Anthony Healy told The Nation he supported the idea of a broad-based CGT but it should not be held up as a solution for high house prices. “All the evidence points to the fact that having a ... Read More »

New Zealand company pleads guilty to NK sanctions breach


  WELLINGTON: A New Zealand aircraft manufacturer has pleaded guilty in a local court to exporting aircraft parts to North Korea in breach of UN Security Council (UNSC) sanctions, Fairfax Media New Zealand reported on Wednesday. The company, Pacific Aerospace, was charged by New Zealand Customs in August with unlawfully exporting aircraft parts to the DPRK in violation of UNSC ... Read More »

Fuel tax increase considered for Akl transport


  WELLINGTON: The government explored increasing fuel taxes to pay for roading projects, despite criticising Labour’s plan for a 10 cent regional fuel tax, official documents show. Internal memos and briefings, released to the Green Party, showed Transport Minister Simon Bridges was told by his ministry how to close the funding gap in the Auckland transport budget. It said the ... Read More »

New Zealand’s biggest port imported more than $20 bln in goods in a year


WELLINGTON: The country’s biggest port, in Auckland, raked in about $22 billion worth of imports in the 12 months to June. Tauranga came in second, having imports worth about $7b in the same period. The port’s exports were worth close to $20b. With Port of Auckland expected to reach full capacity within a few decades, New Zealand First Leader Winston ... Read More »

New Zealand posts larger than expected 2017 budget surplus


  WELLINGTON: New Zealand’s budget surplus was larger than expected in the year through June, the Treasury Department said, as political parties vie to form a new government. The operating surplus was NZ$4.07 billion ($2.9 billion) in the year ended June 30, final government figures published Thursday in Wellington show. That’s up from NZ$1.83 billion last year and the Treasury’s ... Read More »

New Zealand’s operating surplus higher than expected for this fiscal year


WELLINGTON: New Zealand’s government reported a slightly better-than-expected operating surplus for the latest fiscal year due to higher tax revenues and as it pushed out some spending until after the election. The surplus for the 12-months to June 30 was NZ$4.069 billion(S$3.96 billion), slightly higher than a forecast of NZ$3.706 billion in its pre-election forecast updates in August. That was ... Read More »

RBNZ flags softer NZ growth as construction boom deflates


WELLINGTON: New Zealand’s central bank on Thursday hinted at a lower growth outlook as a long construction boom loses momentum and against the backdrop of political uncertainty from an inconclusive national election. A weekend vote left no single party with a majority, forcing the major parties to court New Zealand First’s controversial and outspoken leader Winston Peters to be able ... Read More »

New Zealand kiwifruit exports rise in August

profit rises

WELLINGTON: Kiwifruit exports rose 73 million NZ dollars (52.8 million U.S. dollars) in August 2017 to reach 268 million NZ dollars (193.8 million U.S. dollars), up 37 percent on the same month last year, New Zealand’s statistics department Stats NZ said on Tuesday. “This annual increase in kiwifruit exports was led by gold kiwifruit, in particular to China,” international statistics ... Read More »

RBNZ revises outsourcing policy for large banks


WELLINGTON: The Reserve Bank today published a revised outsourcing policy for large banks. The revised policy aims to ensure that a bank can continue to operate in a situation where a key service provider fails. The revision of the outsourcing policy follows a review by the Reserve Bank, which concluded that greater clarity of the policy and more consistency of ... Read More »

New Zealand’s economy rebounds on election eve


WELLINGTON: New Zealand’s economy rebounded in the second quarter after six months of lacklustre progress, an indication that growth may be regaining momentum as the nation prepares to go to the polls tomorrow in a tightly fought general election. Gross domestic product expanded 0.8 per cent in the second quarter from the previous three months, compared with a revised 0.6 ... Read More »

NZ’s economy expands 0.8% in 2Q on export, domestic demand


WELLINGTON: New Zealand’s economy expanded in the second quarter in line with expectations as export and domestic demand underpinned growth although output in the construction sector continued to weaken. Gross domestic product expanded 0.8 percent in the three months to June 30, up from a revised 0.6 percent expansion in the March quarter and was 2.5 percent higher on the ... Read More »

Tourism spurs services surplus to a record $1.3 bln


WELLINGTON: New Zealand’s current account deficit narrowed to $1.6 billion in the June 2017 quarter, Stats NZ said today. This smaller deficit was due to a record high $1.3 billion services surplus and a smaller primary income deficit. New Zealand exported a record $5.8 billion worth of services in the June quarter, seasonally adjusted, while importing a record $4.5 billion ... Read More »

NZ shares up, milk companies frothy

nz shares

WELLINGTON: New Zealand shares inched up on Tuesday, with Synlait Milk touching records, A2 Milk gaining after Synlait’s positive earnings and New Zealand Refining recovering. The S&P/NZX50 Index rose 5.82 points, or 0.08 per cent, to 7764.53. Within the index, 19 stocks rose, 19 fell and 12 were unchanged. Turnover was $157.6 million. Synlait Milk led the index, up 5.5 ... Read More »

New Zealand lamb exports to UK drop to record low in August


WELLINGTON: New Zealand lamb exporters are eschewing the weak UK market in favour of other more lucrative trading destinations, pushing the volume of meat sent to what was once the nation’s biggest export market to a record low last month, AgriHQ says. “The UK lamb market is slowly becoming less pivotal to NZ exporters,” AgriHQ analyst Reece Brick said in ... Read More »

NZ dollar falls on US tax reform plans

nz dollar heads

WELLINGTON: The New Zealand dollar fell as US Republicans signalled progress on tax reforms and as financial markets awaited US inflation figures tonight and, for New Zealand, the latest opinion poll. The kiwi dollar declined to 72.37 US cents as at 8am in Wellington from 72.87 cents late yesterday. The trade-weighted index fell to 75.51 from 75.78. Figures overnight showed ... Read More »

New Zealand’s wine exports reach record high

wine exports

WELLINGTON: New Zealand’s wine exports have reached a record high, as the country targets $2bn of wine exports by 2020. The first Annual Report by the New Zealand Winegrowers Incorporated, has highlighted the country’s strong performance in the US, following two decades of wine export growth. The report states: “New Zealand wine continues to perform strongly on the global stage. ... Read More »

More than $2m of meth seized by Customs at Auckland airport


AUCKLAND: A first-time visitor to New Zealand allegedly tried to bring millions of dollars of methamphetamine into the country in a false-bottomed suitcase. The 44-year-old arrived at Auckland airport on a flight from Thailand on Saturday and was arrested after X-rays allegedly showed a white crystalline substance in his bag, a Customs statement said. The man has appeared in the ... Read More »