New Zealand Trade Surplus Widens In June
New Zealand trade surplus widened to NZD 242 million in June of 2017 compared to NZD 107 million in the same month of the previous year and expectations of a NZD 100 million surplus. It was the fourth straight monthly surplus after 8 consecutive deficits, and leaves the year-to-date trade surplus at NZD 841 million (vs NZD 1367 million in the first six months of last year). Exports rose the most in nearly two years, led by sales of milk powder, butter and cheese while imports went up at a slower pace.
Exports advanced 10.7 percent year-on-year to NZD 4697 million, following a downwardly revised 7.9 percent rise in May, booking their fastest expansion pace since July of 2015. Milk powder, butter, and cheese exports surged 44.9 percent in June (vs 41.8 percent in the previous month). Exports to China increased at a faster pace of 25.6 percent compared to 16.8 percent in the previous month. Exports to Korea also expanded at a strong pace of 20.1 percent (vs 10 percent in May). More modest expansion was observed in exports to the United States (+6.4 percent), Japan (+1.6 percent), the European Union (+1.3 percent), and Australia (+0.9 percent).
Imports climbed 7.7 percent to NZD 4455 million, compared to a downwardly revised 14.9 percent jump in May. The softer expansion pace was mainly explained by petroleum & products, which only increased by 2.0 percent after surging 70.7 percent in the previous month. Meanwhile, purchases of vehicles, parts & accessories jumped 36.4 percent to NZD 821 million. Yet, car imports reached a record high of NZD 505 million, 2566 more new cars than a year earlier. By country of origin, imports from Japan surged 35.2 percent in June (vs 14.8 percent in the previous month) and purchases from the European Union advanced 20.2 percent (vs -0.2 percent in May).
7/26/2017 11:38:33 AM