Wednesday 26th July 2017
|Text too small?|
New Zealand reported a higher-than-expected monthly trade surplus of $242 million in June as exports were boosted by dairy sales, especially to China.
The annual deficit in the year to June was $3.7 billion versus $3.8 billion in the 12 months to May. Economists had expected a monthly surplus of $100 million and an annual deficit of $3.7 billion, according to the median in a Bloomberg poll. The June surplus was the fourth monthly surplus in a row.
Exports rose 11 percent on the year to $4.7 billion. Milk powder, butter, and cheese led the rise, up 45 percent to $1.2 billion and on an 11 percent increase in volume. The rise in dairy exports marked the ninth consecutive month-on-month increase as global dairy prices have continued to improve. Dairy exports to China jumped 102 percent in value and 63 percent in quantity to reach $373 million for the month, compared to June 2016.
"The milk powder, butter, and cheese group continues to be a key export commodity, and accounts for over a quarter of our total exports," international statistics senior manager Daria Kwon said.
Exports of meat and edible offal, the country's second-largest commodity export, rose 4.9 percent to $616 million. This is the sixth consecutive month of rises for meat. Lamb led the increase, up $19 million in value or 8.9 percent. The exports of logs, wood and wood articles, the third-largest group, rose 7.1 percent to $388 million. Fruit exports, meanwhile, slipped 11.8 percent to $419 million. The fall was mainly driven by kiwifruit, Stats NZ said.
Overall exports to China were up 25.6 percent for the month of June against June last year to $1.0 billion while exports to Australia rose 0.9 percent to $672 million.
Imports from all sources rose 7.7 percent to $4.5 billion in June versus the same month a year ago. Car imports led the rise, jumping 31 percent to $505 million. New motor cars led this increase, up $86 million in value. This was 2,566 more new cars than in June 2016, Stats NZ said.
Imports from China rose 5.8 percent to $860 million in June versus the same month a year ago while imports from Australia fell 0.3 percent to $533 million. The biggest increase came from imports from Japan, up 35.2 percent on the year to $376 million.
No comments yet
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes