New Zealand Posts Second-Largest Trade Surplus on Record
New Zealand posted a trade surplus of NZD 922 million surplus in March 2019, the second-highest in the series, compared to a NZD 151 million deficit in the same month of the previous year and market expectations of a NZD 131 million surplus.
4/26/2019 6:07:53 PM
Exports surged 19 percent year-on-year to a record NZD 5.70 billion, after rising 6 percent in the previous month, mostly boosted by sales of milk powder, butter & cheese, which jumped 22 percent to NZD 1.4 billion. Also, sales of meat and edible offal climbed 29 percent to a record NZD 902 million and exports of fruit surged 42 percent to NZD 214 million. On the other hand, exports of electrical machinery and equipment decreased 15 percent to NZD 100 million and sales of crude oil plummeted 93 percent to NZD 2 million.
By destination, exports went up to China (52 percent), the US (17 percent), Australia (7.7 percent), the EU (7.4 percent), and Japan (4.7 percent).
Imports declined 3.5 percent year-on-year to NZD 4.77 billion, after increasing 12.2 percent in the prior month. Imports were mainly dragged by a 20 percent fall to NZD 516 million in purchases of petroleum and products, with petrol & diesel falling 35 percent. Also, purchases of vehicles, parts & accessories dropped 10.7 percent to NZD 717 million. In contrast, electrical machinery and equipment imports were up NZD 44 million (or 12 percent) to NZD 406 million.
By country of origin, purchases were mainly dragged by a 17.0 percent decline from the United States and a 3.0 percent fall from the EU.