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NZ trade surplus higher than expected

NZ trade surplus higher than expected

WELLINGTON: New Zealand has reported a higher-than-expected $242million trade surplus for June, the fourth consecutive monthly surplus.

Against market expectations of a $100million surplus, the $242million surplus was underpinned by dairy export volumes having risen almost 14%, an ASB economist said.

Imports rose 7.7% to $4.45 billion, led by car imports which jumped 31% to $505million, its largest ever value.

The annual deficit for the year to June met market expectations, coming in at $3.7billion, against $3.8billion for the year to May. ASB expected that balance to narrow in the year ahead,  supported by strong agricultural export values.

Statistics New Zealand international statistics senior manager Daria Kwon said milk powder, butter and cheese continued to bolster exports in June.

Exports, led by dairy, rose by $454million to $4.7billion compared with June last year.

Imports from all sources rose 7.7% to $4.5billion.