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

 


NZ posts eighth monthly trade surplus in June

NZ posts eighth monthly trade surplus in June

By Tina Morrison

July 24 (BusinessDesk) - New Zealand posted its eighth monthly trade surplus in June, led by overseas demand for the nation’s primary products such as milk powder, frozen beef and kiwifruit.

The country had a trade surplus of $247 million in June, from a revised $270 million in May and $371 million a year earlier. The annual trade balance turned to a surplus of $1.2 billion from a deficit of $819 million a year earlier. The figures beat expectations for a monthly surplus of $150 million and an annual surplus of $1.15 billion in a Reuters poll of economists.

Demand for New Zealand’s primary products saw exports rise 4.8 percent to $4.2 billion in June from the year earlier month, compared with expectations of $4.28 billion in the Reuters poll.

Milk powder, butter and cheese led the export growth, up 34 percent, followed by an 11 percent gain in meat and edible offal exporters, a 49 percent rise in casein and caseinates and a 14 percent increase in fruit exports.

Exports to China fell 1.5 percent to $691 million in June, led softer demand for pine logs and food preparations but offset by a rise in milk powder.

Australia was New Zealand’s biggest export destination in June, even as the value of goods slid 5.1 percent to $740 million as the value of crude oil exports dropped.

Meanwhile, the value of exports to the US, New Zealand’s third-largest export destination, surged 22 percent to $452 million led by demand for frozen beef.

Imports into New Zealand rose 8.7 percent in June to $3.947 billion, compared with $4.1 billion expected in the Reuters poll.

Imports were driven higher by aircraft, vehicles, food residues and inorganic chemicals.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news