NZ notches up trade surplus in July

NZPA

Wednesday 24th August 2011 1 Comment

New Zealand had a merchandise trade surplus in July for the first time since 1991.

There was a trade surplus of $129 million in July, which was equal to 3.5 percent of the value of exports, Statistics New Zealand said.

"This is the first July surplus since 1991 and compares with an average July deficit of 18 percent of the export value over the previous five years," Statistics NZ said.

The figure exceeded economists' expectations, according to Reuters. Exports totalled $3.72 billion in July and imports totalled $3.59 billion. The exports were up 4.7 percent and the imports were down 4 percent compared to the same month a year ago.

Statistics NZ noted a 9.8 percent increase in milk powder, butter and cheese exports as a feature of the data.

There has been a decrease in the export of pleasure yachts and an increase in oil exports.

Comments from our readers

On 25 August 2011 at 8:33 am Jack said:

Fantastic, but please paint the whole picture. The overall current account, which is what matters, is predicted to have ever increasing deficits. In other words our ability to pay our way will get worse.