New Zealand Posts NZ$339 Million Trade Surplus

(RTTNews) - New Zealand had a merchandise trade surplus of NZ$339 million in February, Statistics New Zealand said on Thursday - representing 8.0 percent of exports.

That exceeded expectations for a surplus of NZ$90 million following the upwardly revised NZ$13 million surplus in January (originally NZ$8 million).

Exports jumped 9.3 percent on year to NZ$4.25 billion - topping forecasts for NZ$4.01 billion and up from NZ$3.89 billion in the previous month.

"Export results were mixed in February 2016, with many commodities rising in value," international statistics senior manager Stuart Jones said. "But falls for some of our main commodities, including beef, lamb, and milk powder, meant that the rise was limited."

This month saw rises for a range of commodities, including fish, crustaceans, and mollusks (up 23 percent), and wine (up 34 percent). Annual values of fish, crustaceans, and mollusks 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 added an annual 2.8 percent to NZ$3.9 billion - roughly in line with forecasts for NZ$3.90 billion and up from NZ$3.88 billion a month earlier.

Consumption goods led the rise, up NZ$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 NZ$11 million), intermediate goods rose NZ$20 million (1.4 percent).

Capital goods fell in value, down NZ$29 million (3.9 percent) due to transport equipment. The fall was partly offset by a rise in cellphone imports, up NZ$18 million. Imports of cellphones from China rose NZ$9.8 million.

Year to date, the trade deficit was NZ$3.323 billion versus forecasts for -NZ$3.562 billion after coming in at -NZ$3.579 billion in January.