NZ posts eighth monthly trade surplus in June

Exports and imports Year ended June (Source: NZ Stats)

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.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7046 0.0031 0.44%
AUD 0.9465 0.0056 0.60%
EUR 0.6298 0.0039 0.62%
GBP 0.5504 0.0076 1.40%
HKD 5.4891 0.0245 0.45%
JPY 78.3890 0.0010 0.00%

Commods

Commodity Price Change Time
Gold Index 1266.7 11.460 2017-05-26T00:
Oil Brent 52.5 0.720 2017-05-26T00:
Oil Nymex 49.8 0.910 2017-05-26T00:
Silver Index 17.3 0.130 2017-05-26T00:

Indices

Symbol Open High Last %
NZX 50 7434.5 7441.6 7434.5 0.10%
NASDAQ 6207.0 6211.5 6205.2 0.08%
DAX 12604.4 12611.5 12621.7 -0.15%
DJI 21070.2 21092.8 21083.0 -0.01%
FTSE 7517.7 7554.2 7517.7 0.40%
HKSE 25671.0 25724.4 25630.8 0.03%
NI225 19798.5 19801.6 19813.1 -0.64%
ASX 5789.6 5789.6 5789.6 -0.65%