New Zealand Has NZ$818 Million Trade Surplus

(RTTNews) - New Zealand posted a seasonally adjusted merchandise trade balance of NZ$818 million in February, Statistics New Zealand said on Thursday - representing 18 percent of exports.

The headline figure topped forecasts for a surplus of NZ$600 million following the downwardly revised surplus of NZ$286 million in January (originally NZ$306 million).

Exports climbed to NZ$4.56 billion or 17 percent on year - also beating expectations for NZ$4.44 billion following the downwardly revised NZ$4.07 billion in the previous month (originally NZ$4.08 billion).

Goods exports to China surged NZ$388 million (49 percent), which was driven by primary products, up NZ$398 million.

"The rise in dairy this month was supported by logs and meat, with much of the increase in these commodities destined for China," industry and labor statistics manager Louise Holmes-Oliver said.

Imports were at NZ$3.74 billion, up an annual 8 percent but shy of forecasts for NZ$3.75 billion following the upwardly revised NZ$3.78 billion a month earlier (originally NZ$3.77 billion).

The main contributors to the increase in imports were intermediate goods (up NZ$148 million) and capital goods (up NZ$135 million).

Seasonally adjusted exports added 4.0 percent on month in February. Milk powder, butter, and cheese led this increase. Seasonally adjusted imports rose 2.8 percent.