New Zealand Trade Surplus NZ$8.1 Million In January

(RTTNews) - New Zealand posted a merchandise trade surplus of NZ$8.1 billion in January, Statistics New Zealand said on Friday - representing 0.2 percent of exports.

The headline figure beat forecasts for a deficit of NZ$271 million following the NZ$53 million shortfall in December.

Exports climbed 5.9 percent on year to NZ$3.90 billion - exceeding expectations for NZ$3.71 billion although down from NZ$4.48 billion in the previous month.

Exports of milk powder, butter, and cheese, as well as cherries, propelled China further ahead of Australia as New Zealand's top export destination in January 2016.

The value and quantity of cherry exports rose to new record highs as the 2015/16 cherry season neared its end. The value climbed NZ$19 million (51 percent), and the quantity rose 30 percent, to 2,668 tons.

The value and quantity of cherry exports are anticipated to further increase in February 2016 with the closing of the cherry season.

Imports jumped an annual 7.2 percent to NZ$3.89 billion versus forecasts for NZ$3.95 billion and down from NZ$4.48 billion a month earlier.

The biggest rise in imports was in intermediate goods, up NZ$140 million (8.9 percent). This was followed by a large rise in consumption goods imports, up NZ$111 million (12 percent). Imports of capital goods fell NZ$34 million (4.4 percent).

The rise in intermediate goods imports was offset by a large fall in crude oil, down NZ$96 million. The quantity of crude oil imported fell 7.9 percent.

"The fall in the value of crude oil imports is a result of New Zealand importing slightly less crude oil than in January 2015, but at a much lower price," international statistics senior manager Jason Attewell said. "The world price of crude oil has been falling consistently since mid-2014."

Excluding crude oil, imports of intermediate goods rose NZ$236 million (18 percent).

Year to date, New Zealand's trade deficit was NZ$3.578 billion versus forecasts for NZ$3.871 billion after coming in at NZ$3.549 billion in December.