NZ annual trade surplus $631m

Exports rose a seasonally adjusted 3.2 percent in the March quarter to $11.6 billion, boosted by dairy products and crude oil.

Imports for the three months rose 8.9 percent from the December quarter to $12b, with a big jump in crude oil imports and with an aircraft being imported, Statistics New Zealand (SNZ) said today.

For the month of March exports were 11 percent ahead of a year earlier at $4.5b, a new monthly high, while imports rose 17 percent to $4.1b.

For the month of March, there was a trade surplus of $464m, or 10 percent of exports, while the annual trade surplus of $631m amounted to 1.4 percent of exports.

The seasonally adjusted trade balance for the March quarter was a deficit of $428m, equivalent to 3.7 percent of exports. It was the first quarterly, seasonally adjusted deficit since the December 2009 quarter.

SNZ said milk powder, butter and cheese exports rose a seasonally adjusted 8.4 percent in value in the March quarter, and gained 6.6 percent in quantity.

Crude oil exports, which were not seasonally adjusted, rose 32 percent in value for the quarter and were up 12 percent in volume.

Logs, wood and wood articles lifted a seasonally adjusted 11 percent in the quarter by value and were up 13 percent by volume.

Crude oil imports were up 31 percent, while capital goods imports rose 6.3 percent led by a rise in transport equipment which included importation of aircraft in February and March. Car imports fell 3.6 percent to record the third consecutive quarterly fall.

For just the month of March, exports of milk powder, butter and cheese were 26 percent or $251m up on a year earlier, with the logs, wood and wood articles category up 24 percent or $63m, while meat and edible offal gained 10 percent or $59m.

Crude oil exports fell in March from a year earlier, dropping $56m or 25 percent with quantities almost half those of March 2010 while prices were more than 30 percent higher.

The largest rise in imports in March from a year earlier was in aircraft and parts, up $270m due to the one-off importation of large aircraft. Crude oil imports lifted 29 percent or $108m and partly refined petroleum lifted $70m or 45 percent.