New Zealand posted its eighth monthly trade surplus in June, led by overseas demand for the nation's primary products such as milk powder, frozen beef and kiwifruit.
The country had a trade surplus of $247 million in June, from a revised $270 million in May and $371 million a year earlier. The annual trade balance turned to a surplus of $1.2 billion from a deficit of $819 million a year earlier. The figures beat expectations for a monthly surplus of $150 million and an annual surplus of $1.15 billion in a Reuters poll of economists.
Demand for New Zealand's primary products saw exports rise 4.8 percent to $4.2 billion in June from the year earlier month, compared with expectations of $4.28 billion in the Reuters poll.
Milk powder, butter and cheese led the export growth, up 34 percent, followed by an 11 percent gain in meat and edible offal exporters, a 49 percent rise in casein and caseinates and a 14 percent increase in fruit exports.
Exports to China fell 1.5 percent to $691 million in June, led softer demand for pine logs and food preparations but offset by a rise in milk powder.
Australia was New Zealand's biggest export destination in June, even as the value of goods slid 5.1 percent to $740 million as the value of crude oil exports dropped.
Meanwhile, the value of exports to the US, New Zealand's third-largest export destination, surged 22 percent to $452 million led by demand for frozen beef.
Imports into New Zealand rose 8.7 percent in June to $3.947 billion, compared with $4.1 billion expected in the Reuters poll.
Imports were driven higher by aircraft, vehicles, food residues and inorganic chemicals.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- NBR Radio Rich List Special: Interviews with Rich Listers, philanthropists, property gurus, investors and much, much more
- “An RBA interest rate cut is pretty much a done deal,” says Capital Economic's Paul Dales
- Japan’s Prime Minister Shinzō Abe opens the floodgates to more stimulus. Join NBR's Jason Walls as he explains why
- Despite a few howls of protest, land economics expert Adam Thompson rates the Auckland Unitary Plan
- Hamish McNicol discusses the Serious Fraud Office’s warning to companies about employee fraud