Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ trade surplus widens in March on dairy exports to China

NZ trade surplus widens in March as dairy drives exports into China

April 29 (BusinessDesk) - New Zealand’s trade surplus widened in March as Chinese demand for dairy products continued to soar, driving the monthly and annual export receipts to new records.

The trade surplus was $920 million in March, from a revised $793 million in February, and $732 million a year earlier, according to Statistics New Zealand. The annual trade balance was a surplus of $805 million, or 1.6 percent of exports. Economists polled by Reuters predicted a monthly surplus of $937 million and an annual surplus of $920 million.

Exports climbed 15 percent to $5.08 billion, for an annual increase of 8.5 percent to $50.07 billion. That was the first time New Zealand’s international sales topped $5 billion in a month and $50 billion in year.

Milk powder, butter and cheese exports advanced 45 percent to $1.53 billion in March for an annual increase of 31 percent to $14.92 billion, while casein and caseinates gained 17 percent to $93 million for an annual lift of 7.5 percent to $988 million. Dairy products accounted for about 30 percent of all exports.

“While March tends to be the peak month for exports, this was also a record high in seasonally adjusted terms,” Westpac Banking Corp senior economist Michael Gordon said in a note. “Dairy products were down 9 percent by volume, but there were increases in exports of meat, oil and machinery.”

Meat and edible offal sales rose 12 percent to $731 million for a 4.1 percent annual gain to $5.5 billion, while exports of logs, wood and wood articles gained 14 percent to $385 million for an annual lift of 24 percent to $4.05 billion.

Imports rose 13 percent to $4.16 billion for an annual lift of 5.5 percent to $49.26 billion. The monthly figure included a one-off $216 million import of a drilling platform.

Exports to China jumped 31 percent to $1.13 billion in March for an annual gain of 51 percent to $11.19 billion, or 22 percent of all exports. Imports from China were up 14 percent to $550 million in the month for an annual gain of 7.9 percent to $8.37 billion.

Exports to Australia fell 1.5 percent to $2.17 billion in March for an annual decline of 7.3 percent to $9 billion, while US exports were up a monthly 4.5 percent to $476 million, slowing the yearly decline to 6.2 percent to $4.07 billion.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news