New Zealand's trade balance has once again deteriorated in the 3rd quarter of this year due to falling exports of woodworking and dairy industries. Thus, the trade deficit rose to 1.35 billion New Zealand dollars with an expected growth to only 620 million. It is worth noting that such a rapid increase in imports was caused by the purchase of capital goods, which included large aircraft. Compared with last year, the volume of imports increased by 23%, while exports declined by 5.3%. Given the steady deterioration of the trade balance and the monetary policy of the Reserve Bank of New Zealand aimed at reducing the New Zealand dollar, we maintain a medium-term negative outlook and recommend holding short positions.