New Zealand posted a merchandise trade surplus of NZ$358 million in May, Statistics New Zealand said on Monday – representing 7.8 percent of exports.
The headline figure exceeded forecast for a surplus of NZ$182 million following the NZ$292 million surplus in April.
Exports climbed 5.1 percent on year to NZ$4.57 billion – also topping expectations for NZ$4.331 billion after coming in at NZ$4.30 billion in the previous month.
Goods exports rose by a similar amount as goods imports, up NZ$220 million (5.1 percent) to NZ$4.6 billion, led by forestry products (up NZ$110 million), and fruit (up NZ$95 million).
Kiwifruit exports were up 29 percent (NZ$80 million) in value and 14 percent in quantity in May.
Gold kiwifruit exports were up NZ$50 million, following a similar rise in April. Green kiwifruit were also up (NZ$35 million). Kiwifruit varieties other than green or gold were down NZ$5 million.
Kiwifruit exports were up across all the top export destinations (as measured by total annual exports); the largest movements for May 2016 were exports to China, up NZ$31 million (62 percent), and the European Union, up NZ$20 million (26 percent).
Milk powder, butter, and cheese exports fell NZ$90 million (9.9 percent) in May, with falls to many main destinations. China was the exception – exports of milk powder, butter, and cheese were up NZ$41 million for the month.
Imports jumped an annual 5.7 percent to NZ$4.22 billion versus forecasts for NZ$4.15 billion after coming in at NZ$4.01 billion a month earlier.
The increase in imports was led by a rise in imports of consumer goods, up NZ$152 million (16 percent).
"The latest rise in the value of consumer goods continues a series of month-on-month increases," international statistics senior manager Nicola Growden said. "The rise was across a broad range of consumer goods, including clothing, cosmetics, household appliances, furniture, and medicines."
As well as a rise in consumer goods imports, capital goods (including aircraft) were up NZ$138 million. Intermediate goods (including parts of transport equipment) were up NZ$105 million when crude oil is excluded (imports of crude oil fell NZ$84 million due to lower prices).
The annual trade deficit for the year ended in May was NZ$3.633 billion – beneath expectations for a deficit of NZ$3.843 billion after posting a NZ$3.624 billion shortfall a month earlier.
by RTT Staff Writer
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