NZ February trade surplus $194m

Exports and imports rose to unexpectedly high levels in February, Statistics New Zealand (SNZ) figures show.

The total value of goods exported in February was $3.87 billion, which was $550 million or 17 percent higher than a year earlier.

The largest rise in exports was in the milk powder, butter and cheese commodity grouping, which was up $212m or 28 percent, dominated by unsweetened whole milk powder.

Crude oil exports rose $109m to more than double the level of a year earlier, while exports of logs, wood and wood articles rose $72m or 37 percent, led by pinus radiata logs.

The total value of goods imported in February was $3.68b, up $684m or 23 percent from a year earlier.

Excluding aircraft, imports would have been $3.5b, an increase of $460m or 15 percent. Petroleum and products also contributed significantly to the increase in imports, SNZ said.

The figures compared with median forecasts in a Reuters survey of economists which had been for exports of $3.48b and imports of $3.3b.

The trend in exports has grown strongly since October, and had pushed through the highs of late 2008, SNZ overseas trade manager Neil Kelly said.

The trend for total merchandise imports had increased strongly since October but was still below its peak in September 2008.

Last month there was a trade surplus of $194m, which was 5 percent of the value of exports, compared with an average February surplus of 2.3 percent of exports for the previous five years.

For the year ended February there was a trade surplus of $758m, or 1.7 percent of exports, the first surplus for a February year since 2002.

After adjusting for seasonal effects, total exports fell 0.4 percent in February following rises of 2.3 percent and 6.2 percent in December and January.

NZPA
Tue, 29 Mar 2011

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NZ February trade surplus $194m