The country's trade balance rose to a surplus of $567 million in March, Statistics New Zealand announced this morning.The annual deficit shrunk to $197 million. Rises in milk produce prices drove the bulk of the improvement, with a rise in value of $157
The country’s trade balance rose to a surplus of $567 million in March, Statistics New Zealand announced this morning.
The annual deficit shrunk to $197 million. Rises in milk produce prices drove the bulk of the improvement, with a rise in value of $157 million (19.3%) over the month.
Over the quarter, exports rose 10.4%, the first rise in value since December 2008. Again, the main driver was a rise in value of milk powder, butter and cheese up 29.2% ($529 million).
Almost all other commodity exports recorded increases, the only exception being fish produce.
Imports also increased over the quarter, up 6.8%, the first increase in value since December 2009. Intermediate goods, including petroleum products, were the main contributors, up 8.3%.
Although the value of capital goods decreased, 2.1%, this is due to the fall off following the importing of an aircraft in the previous quarter.
The crucial plant and machinery sub-set of capital goods rose 4.3%, suggesting some businesses are following through on business mood survey results which show intentions to increase investment.
