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Falling export figures pressing for further easing of New Zealand interest rate

Xinhua, August 7, 2015 Adjust font size:

New Zealand manufacturing and export sales last month were 6.42 percent down on June last year, continuing a trend that began in May, the New Zealand Manufacturers and Exporters Association (NZMEA) said on Friday.

While better than the 9.13-percent year-on-year drop in May, the result pointed to worsening export figures, said NZMEA chief executive Dieter Adam.

Export sales last month were down 11.49 percent year on year, which compared with a fall of 7.59 percent in May.

Domestic sales were down 1.35 percent last month, which compared with a drop of 11.2 percent in May.

"Australian and European markets continue to be reported as areas of weakness," Adam said in a statement.

The Reserve Bank on New Zealand (RBNZ) cut its official cash rate by 25 basis points last month, the second such cut in six weeks, bringing the official cash rate down to 3 percent.

"While this didn't have a direct downward effect on the currency at the time, it will help solidify the current downward trend," said Adam.

"We encourage the RBNZ to continue its easing stance, provided risks in the housing market are carefully considered." Endi