New Zealand recorded a trade deficit in September as imports outpaced exports.
Statistics NZ data today showed a deficit of $2.1 billion last month, with exports valued at $5b, and imports of $7.1b, when compared with September last year.
The country exported more fruit – driven by kiwifruit and apples – milk powder, butter, and cheese last month, while we imported more aircraft, parts, mechanical machinery and equipment, as well as jewellery, and coins.
Monthly exports were mixed around the world, with total exports to China, Australia, and Japan down. Meanwhile, exports to the United States and European Union rose, when compared with last year.
New Zealand’s economy contracted in the June quarter and the RBNZ’s August Monetary Policy Statement predicted another negative September quarter, resulting in a technical recession, before notching slight growth at the end of the year.
That September quarter GDP data gets released on December 19.
Trade Window Holdings has reported a 22% year-on-year increase in trading revenue in the first half of FY25 period to $3.7 million, and narrowed its full-year revenue guidance upwards to between $7.5m and $8.3m.
In a trading update ahead of its official half-year result announcement on November 28, the NZX-listed, trade-focused software company noted prior guidance was for between $7.3m and $8.3m.
Annual recurring revenue had climbed 14% in the six months since the end of FY24, reaching $7.2m.
Average revenue per customer (ARPC) for its shipper customer segment was up 14% on the same period last year to $1944 a month, underpinned by strong export trade volumes, particularly in red meat
ARPC for freight forwarders grew 29% year-on-year to reach $824 a month.
The company noted COFCO Joycome, part of the Chinese conglomerate COFCO Corporation, has become the first importer to ‘go live’ with its new Cube API product, in what it says will serve as a case study for importers worldwide.
The Guardians of New Zealand Superannuation, which manages the New Zealand Superannuation Fund, has appointed Brad Dunstan and Will Goodwin as joint chief investment officers, from December 2. The two replace former CIO Stephen Gilmore, who left the Guardians at the end of June.
Guardians CEO Jo Townsend said Gilmore’s departure had created an opportunity to review the way the investment team was structured.
“Taking into account the projected future growth of the Fund and the increasingly complex and challenging investment environment in which we are operating, it makes sense to combine the functions of the CIO and the GM Portfolio Completion and create a co-CIO model.”
Dunstan and Goodwin, currently the Guardians’ acting GM Portfolio Completion and head of Direct Investments respectively, have been with the Guardians for several years. Alex Bacchus will continue as acting CIO until the new structure is in place.
Pay television provider Sky and Warner Bros Discovery have inked an expanded deal to bring the Max streaming service to New Zealand.
The listed television company will provide content – such as television series, movies, and documentaries – to Sky and Neon customers from October 30.
Sky said the nature and timing of the new agreement will see it recognising a one-off, non-cash acceleration of programming amortisation of between $6 million and $7m.
At the same time, Sky will receive a cash payment of between $4m and $5m from Warner Bros Discovery for prepaid content at the launch date.
Sky said the agreement would generate free cashflow upside in the first half of FY25.
Chief executive Sophie Moloney said the “strategically significant” agreement was secured with favourable commercial terms.