Exchange rate hurts New Zealand exporters
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.