Trade surplus increases again
The country's trade balance for February rose to a surplus of $194 million, up from last month's $11 million.
The country’s trade balance for February rose to a surplus of $194 million, up from last month’s $11 million.
That is close to the consensus market forecast of a rise in the surplus to $200 million.
The balance would have been even further in surplus but for a chunky “one- off” item: the importation of a couple of aircraft.
Strip those out and the surplus would have been $460 million.
Even without that, the latest figures show an annual trade surplus for the year to February of $758 million – the first surplus for the year ended February since 2002
For February, exports rose 17% or $550 million, mostly due to increases in commodity prices. The largest of these was dairy, up $212 million or 28%, but with the value of crude oil exports also up, by $109 million. The value of exports of crude oil more than doubled for the month, says Statistics New Zealand overseas trade manager Neil Kelly.
On the import side of the ledger (large planes aside) the rise in commodity prices is also a key factor, with a $160 million (32%) rise in the value of oil and diesel imported.
On a more positive note, the import figures also show a continued rise in business investment in plant and machinery, with a rise of $17 million (63%) in the value of mechanical machinery and equipment imported.
Rob Hosking
Tue, 29 Mar 2011
Tue, 29 Mar 2011
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Trade surplus increases again
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