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

 

NZ posts bigger-than-expected trade surplus in March

NZ posts bigger-than-expected trade surplus in March

By Tina Morrison

April 29 (BusinessDesk) - New Zealand recorded a bigger-than-expected trade surplus in March, as exports fell less than forecast.

Statistics New Zealand said the trade surplus was $631 million in March, bigger than the $341 million expected in a Reuters poll of economists and compared with a February surplus of $83 million. Excluding the re-export of a drilling platform to Singapore, last month’s trade surplus was $432 million.

The annual trade deficit was $2.41 billion, the biggest in almost six years and ahead of last month’s $2.14 billion, but smaller than the $2.74 billion expected in the Reuters poll.

Annual exports to China dropped 23 percent in the year through March to $8.6 billion due to weakening demand for commodities such as whole milk powder. Exports to Australia slid 4.1 percent to $8.65 billion, propelling Australia to the country’s top export destination for the first time since the year ended November 2013.

Exports in March declined 2 percent to $4.93 billion from the year earlier month. That’s ahead of the $4.4 billion of exports expected in the Reuters poll where expectations ranged from $4.26 billion to $4.43 billion.

The decline in March exports was led by a 20 percent drop in milk powder, butter and cheese, New Zealand’s largest commodity export. Meat and edible offal exports increased 14 percent from the year earlier month, while wood exports slipped 14 percent.

Imports in March rose 4.1 percent to $4.3 billion from the year earlier month, led by consumption goods such as clothing. That’s ahead of the $4.06 billion of imports expected in the Reuters poll where expectations ranged from $3.9 billion to $4.27 billion.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Air New Zealand: Capital Raise Deferred

Air New Zealand has decided to defer its planned capital raise to later in 2021 allowing more time to assess the impacts of recent developments on the airline’s path to recovery. 'We’ve seen some clearing of COVID-19 clouds recently, with ... More>>

Commerce Commission: Cartel Conduct Now Punishable By Up To 7 Years’ Jail Time

Cartel conduct can now be punished with a term of imprisonment of up to 7 years, after the Commerce (Criminalisation of Cartels) Amendment Act 2019 came into effect today. Cartel conduct includes price fixing, market allocation and bid rigging (see ... More>>

Stats NZ: Auckland Population May Hit 2 Million In Early 2030s

Auckland’s population may rise from about 1.7 million currently to 2 million by early next decade, Stats NZ said today. “Auckland will likely have the highest average annual growth of New Zealand’s 16 regions over the next 30 years, from ... More>>

Air New Zealand: Business Travellers Return To The Skies In Record Numbers

After a year of talking to a computer, Kiwis are leaving the office to re-connect with their clients, suppliers, and staff. New figures released by Air New Zealand show domestic business and corporate travel has defied global trends by returning ... More>>

PwC: Outcome Of Review Into Air New Zealand Gas Turbines Business

Air New Zealand has received the report into its Gas Turbines business from independent external advisers PwC. Air New Zealand Chairman Dame Therese Walsh says the report identified a range of effective controls in the Gas Turbines revenue contracting ... More>>

LPG Association: Renewable LPG Achieves Emissions Budgets With No Need To Ban New LPG Connections

Renewable LPG can supply New Zealand’s LPG needs and achieve the emissions reductions proposed by the Climate Commission without the need to ban new connections, a new study shows. The investigation, by leading consultancy Worley, was prepared for the ... More>>

Commerce: House Values Continue To Climb As New Government Measures Announced

The Government’s new initiatives to quell the rocketing housing market were announced last week, just as house prices hit a new high for the end of March. The average value increased 7.8% nationally over the past three-month period, up from the 6.8% ... More>>