New Zealand’s exports grew 2% in October vs. a year earlier after three months of declines. This was led by an 8% increase in shipments to China, which Panjiva data shows was led by increased exports of lumber and milk. Exports to the U.S. were a drag, but the deficit dropped from all-time highs as aircraft imports were not repeated. The recent earthquake may have a small impact on the November figures, focussed on agricultural exports if at all.