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

 

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fletcher Whittled: Fletcher Dumps Adamson In Face Of Dissatisfaction

Fletcher Building has taken the unusual step of dumping its chief executive, Mark Adamson, as the company slashed its full-year earnings guidance and flagged an impairment against Australian assets. More>>

ALSO:

No More Dog Docking: New Animal Welfare Regulations Progressed

“These 46 regulations include stock transport, farm husbandry, companion and working animals, pigs, layer hens and the way animals are accounted for in research, testing and teaching.” More>>

ALSO:

Employment: Most Kiwifruit Contractors Breaking Law

A Labour Inspectorate operation targeting the kiwifruit industry in Bay of Plenty has found the majority of labour hire contractors are breaching their obligations as employers. More>>

ALSO:

'Work Experience': Welfare Group Opposes The Warehouse Workfare

“This programme is about exploiting unemployed youth, not teaching them skills. The government are subsidising the Warehouse in the name of reducing benefit dependency,” says Vanessa Cole, spokesperson for Auckland Action Against Poverty. More>>

ALSO:

Internet Taxes: Labour To Target $600M In Unpaid Taxes From Multinationals

The Labour Party would target multinationals operating in New Zealand to ensure they don't avoid paying tax if it wins power and is targeting $600 million over three years through a "diverted profits tax," says leader Andrew Little. More>>

ALSO: