Ex­change rate hurts New Zealand ex­porters

China Daily (Hong Kong) - - BUSINESS -

An un­fa­vor­able cur­rency ex­change rate caused a big drop in New Zealand’s ex­ports, which drove down to­tal sales of busi­nesses in Oc­to­ber, the New Zealand Man­u­fac­tur­ers and Ex­porters As­so­ci­a­tion said on Wed­nes­day. To­tal sales were down 6.81 per­cent from Oc­to­ber last year, with ex­port sales down by 20.72 per­cent and do­mes­tic sales up by 20.14 per­cent, the NZMEA said. In the three months to Oc­to­ber, ex­port sales fell an av­er­age of 7 per­cent and do­mes­tic sales rose 13.9 per­cent on av­er­age. The sur­vey sam­ple cov­ered NZ$288 mil­lion ($205.57 mil­lion) in an­nu­al­ized sales with an ex­port con­tent of 56 per­cent. A longer view showed ex­port sales had been flat at an av­er­age year-on-year monthly de­crease of 0.3 per­cent over the last 12 months, said Di­eter Adam, CEO of the NZMEA.

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