New Zealand Trade Surplus Beats Forecast


New Zealand trade surplus increased to NZD 339 million in February of 2016 compared to a NZD 84 million surplus a year earlier and beating market consensus of NZD 50 million surplus. Exports rose 9.3 percent on the year, led by higher sales of fish and wine, while imports went up at a slower 2.8 percent mainly due to purchases of consumption goods.

Goods exports rose NZD 363 million (+9.3 percent) to NZD 4.2 billion. This month saw rises for a range of commodities, including fish, crustaceans, and molluscs (+23 percent), and wine (+34 percent). Annual values of fish, crustaceans, and molluscs have been rising since the year-ended November 2014, while annual values of wine have been rising since the year-ended April 2003. Other primary produce exports had mixed results. Milk fats (including butter) and cheese both had increases in value and quantity while other components of dairy, including milk powder, fell in value (quantity showed little change). Beef and lamb exports both fell in value, with the quantity of beef falling 7.8 percent and the quantity of lamb rising 4.6 percent.

Imports rose NZD 108 million (+2.8 percent) to NZD 3.9 billion in February 2016, compared with February 2015. Consumption goods led the rise, up NZD 121 million (+12 percent), with the largest increases being pharmaceuticals, toys, and sporting equipment. Since September 2014, monthly values of consumption goods have been rising when compared with the same month of the previous year. Intermediate goods imports showed little change in February 2016, however excluding a fall in crude oil (down NZD 11 million), intermediate goods rose NZD 20 million (+1.4 percent). Capital goods fell in value, down NZD 29 million (-3.9 percent) due to transport equipment. The fall was partly offset by a rise in cellphone imports, up NZD 18 million. Imports of cellphones from China rose NZD 9.8 million.

New Zealand Trade Surplus Beats Forecast


Statistics New Zealand | Joana Ferreira | joana.ferreira@tradingeconomics.com
3/23/2016 10:04:36 PM