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

 


NZ posts 7th monthly trade surplus in May

NZ posts seventh monthly trade surplus in May, led by demand for dairy products

By Tina Morrison

June 27 (BusinessDesk) - New Zealand posted its seventh monthly trade surplus in May, led by overseas demand for the nation's primary products such as milk powder, butter and cheese.

The country had a trade surplus of $285 million in May, from $498 million in April and $40 million a year earlier, Statistics New Zealand said. The annual trade balance turned to a surplus of $1.37 billion from a deficit of $901 million a year earlier. The trade figures lagged expectations for a monthly surplus of $300 million and an annual surplus of $1.43 billion in a Reuters poll of economists.

Demand for primary products from an expanding and wealthier Chinese economy has spurred demand for New Zealand exports. China held its position as New Zealand's top trading partner, with annual two-way trade between the nations exceeding $20 billion for the first time, ahead of the government's 2015 target.

Exports rose 13 percent to $4.6 billion in May from the year earlier month, led by dairy exports to China. The statistics agency said it appeared the growth in exports seen in the past year has levelled off. Expanding global milk supply and a drop in buying by Chinese importers as they run down inventories has weighed on dairy prices this year.

"Lower dairy prices are now starting to come through in the trade data," Westpac Banking Corp senior economist Felix Delbruck said in a note. "We expect further price falls to come through in the June trade figures."

Imports increased 7 percent to $4.3 billion In May from the year earlier month, led by imports of trucks and machinery including cranes and excavators.

The New Zealand dollar initially spiked higher following the trade data, touching a fresh three-year high of 87.94 US cents, from 87.76 cents immediately before the 10:45am release. It then retraced, recently trading at 87.78 cents.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news