New Zealand Trade Surplus Narrows in March
New Zealand trade surplus shrank to NZD 631 million in March of 2015 from a NZD 904 million surplus a year earlier, due to a sharp fall in exports to China. Yet, it is the third consecutive monthly surplus and the highest in a year.
4/29/2015 12:05:01 AM
Exports fell 2.0 percent year-on-year to NZD 4.9 billion, led by whole milk powder. Sales to China fell 29 percent, due to whole milk powder. As a result, Australia became the country’s top export destination for the first time since the year ended November 2013.
Imports rose 4.1 percent to NZD 4.3 billion. Consumption goods (including clothing) led the rise, up 19 percent.
In the March 2015 quarter, the seasonally adjusted exports fell 0.6 percent compared with the December 2014 quarter. Imports fell 3.3 percent.