Trade surplus hits record high
New Zealand's overseas trade balance hit its largest ever-monthly high in April, rising to $1.11 billion.
New Zealand’s overseas trade balance hit its largest ever-monthly high in April, rising to $1.11 billion.
The figure, historically, is more in line with yearly rather than monthly trade balances and was driven by higher dairy , meat, forestry and wool prices.
The economic good news is not just on the export side of the ledger, with imports also showing a pick up in business investment.
The value of exports was $4.7 billion, up by $691 million and the highest ever-monthly value of exports. Imports also rose, by $238 million, to $3.5 billion for the month.
The medium term trend in the value of exports has risen 30% since September 2009 and most of this has been driven by a long term increase in the value of dairy exports (up 78%) while the volume of those exports has risen 11`%.
Meat exports have risen 25% by value over that time, while quantities are actually 4.4% lower.
Exports of logs and wood are 47% higher while volumes are up 43%.
The import picture also contains good news as the largest increases were in intermediate goods (up $234 million or 16%) and capital goods (up $95 million or 19%). The bulk of these - two thirds - were increases in plant and machinery being imported by businesses.
The medium term trend in import values has also risen markedly since the low point of September 2009, by 21%, but this is still below the peak of 9.5% in September 2008.
Rob Hosking
Mon, 30 May 2011
Mon, 30 May 2011
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Trade surplus hits record high
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