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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news