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

 


NZ trade surplus narrows more than expected in April

NZ trade surplus narrows more than expected in April on lower meat and dairy volumes

By Suze Metherell

May. 26 (BusinessDesk) - New Zealand's trade surplus narrowed more than expected in April as exports fell more than imports, driven by a drop in shipments of dairy products and meat.

The trade surplus was $534 million in April, from a revised $935 million in March, and $171 million a year earlier, according to Statistics New Zealand. The annual trade balance turned to surplus of $1.19 billion, or about 2.3 percent of exports, from a deficit of $687 million a year earlier. Economists polled by Reuters predicted a monthly surplus of $667 million and an annual surplus of $1.3 billion.

Exports fell 11 percent to $4.5 million in April, for an annual increase of 9.5 to $50.6 billion. Imports declined 4 percent to $3.96 million in the month, with an annual increase of 5.3 percent to $49.4 billion.

Milk powder, butter and cheese exports rose 36 percent to $1.22 billion in April from the same month last year, for an annual increase of 33 percent to $15.2 billion. Meat and edible offal rose 5.2 percent in the month to $585 million for an annual gain of 3.5 percent to $5.5 billion.

The trend for the dairy exports showed a seasonally adjusted 1.8 percent fall this month and is now 5.4 percent lower than December's peak, while meat and edible offal exports fell 5.9 percent, Statistics NZ said. Both export groups reported lower volume in the month - milk powder, butter and cheese volumes fell 5.3 percent to a seasonally adjusted 216 tonnes and meat and edible offal fell 8 percent to 73 tonnes.

"Exports have begun their normal seasonal decline," Michael Gordon, a Westpac Banking Corp senior economist, wrote in a note. "The fall this month was driven by quantities rather than prices, with dairy products down 5 percent and meat down 8 percent by volume. While dairy prices in the GlobalDairyTrade auction system have fallen sharply since March, these prices related to delivery at future dates, so the impact should start to show up in the trade figures in the next few months."

Exports of logs, wood and wood articles gained 31 percent to $363 million in the month, from April 2013, for an annual lift of 26 percent to $4.13 billion.

Exports to China, the biggest market for New Zealand, jumped 38 percent to $895 million in April for an annual gain of 52 percent to $11.43 billion, or 23 percent of all exports. Imports from China lifted 7.4 percent to $631 million in the month, to an annual increase of 8.5 percent to $8.4 billion.

Exports for Australia rose 8 percent to $786 million, for an annual decline of 6.5 percent to $9.09 billion. US exports rose 16 percent to $371 million in the month and fell 3.3 percent to $4.12 billion in the year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Retail: Pumpkin Patch Brand, IP Sold To Catch Group

The receivers of failed children's clothing retailer Pumpkin Patch have confirmed that the company's brand and intellectual property have been sold to Australian online retailer Catch Group. More>>

ALSO:

Oil: 2017 Block Offer Petroleum Tender Launched

New Zealand is well-placed to take advantage of the economic benefits of oil and gas exploration, Energy and Resources Minister Judith Collins announced today at the launch of the 2017 Block Offer petroleum tender. More>>

ALSO:

OECD And Zero Carbon Reports: Environmental Pressures Rising In New Zealand

New Zealanders enjoy a high environmental quality of life and access to pristine wilderness. However, New Zealand’s growth model, based largely on exploiting natural resources, is starting to show its environmental limits with increasing greenhouse gas emissions and water pollution ... More>>

ALSO:

Statistics: Record Net Annual Migration Levels Continue

In the February 2017 year, 71,300 more migrants arrived in New Zealand than left, Stats NZ said today. This equalled the previous annual record set in January 2017. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news