NZD News

New Zealand business confidence eased in May although the outlook on general business prospects remained positive, results of a survey by ANZ Bank showed Wednesday.

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The total number of building permits issued in New Zealand was up a seasonally adjusted 1.5 percent on month in April, Statistics New Zealand said on Friday - standing at 2,082.

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New Zealand's terms of trade climbed 1.8 percent on quarter in the first three months of 2014, Statistics New Zealand said on Tuesday.

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The value of both residential and non-residential building activity volumes jumped a seasonally adjusted 16.0 percent on quarter in the first quarter of 2014.

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House prices in New Zealand continued to rise for the second consecutive month in May while sales volume declined, figures from Quotable Value, QV, showed Friday.

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Activity in New Zealand's manufacturing sector continued to expand in May but at a slower pace, the latest manufacturing index from Business NZ revealed on Friday.

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New Zealand's gross domestic product was up 1.0 percent on quarter in the first three months of 2014, Statistics New Zealand said on Thursday.

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New Zealand posted a merchandise trade surplus of 285 million New Zealand dollars in May, Statistics New Zealand said on Friday - representing 6.2 percent of exports.

NZDUSD M5 : 18 pips price movement by NZD - Trade Balance news event :

That topped forecasts for an increase of NZ$250 million following the NZ$534 million surplus in April.

Exports climbed NZ$528 million or 13.0 percent on year to NZ$4.60 billion - beating expectations for NZ$4.50 billion, which would have been unchanged from the previous month.

"Goods exports are high this month compared with May 2013," international statistics manager Jason Attewell said. "However, it appears the growth in exports seen in the past year has leveled off."

Exports to China, New Zealand's main export partner, were up NZ$204 million to NZ$868 million in May. This was led by milk powder, crude oil, and sheep meat. This is the first shipment of crude oil to China since July 2009.

The continued growth of exports to China has resulted in the two-way trade of goods (exports plus imports) reaching NZ$20.1 billion for the first time in the year ended May 2014. This was up NZ$4.7 billion from the previous year, with exports contributing NZ$4.0 billion to this increase.

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Business confidence in New Zealand declined sharply in June, the latest survey from ANZ revealed on Monday - falling from 53.5 in May to 42.8 in June.

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New Zealand's services sector expanded at an accelerated pace in June, the latest survey from Business New Zealand revealed on Monday - showing an index score of 54.7.

That's up from a downwardly revised 54.1 in May (originally 54.2).

A score above 50 signals expansion in a sector, while a reading below 50 means contraction.

Among the individual components of the survey, all five elements expanded, including supplier deliveries, new orders, stock inventories, sales and employment.

"Many economic indicators have been going gangbusters over the past 12 months, pointing to strong growth," Bank of New Zealand economist Doug Steel said. "More recently, there have been a few hinting at some degree of cooling, but to levels that are still above average."

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