New Zealand Exports Lose Steam
Exports from New Zealand increased 8.5 percent year-on-year to NZD 5.81 billion in May 2019, after a downwardly revised 10.8 percent in the previous month, mainly driven by higher sales of milk powder, butter & cheese, which jumped 15.2 percent to NZD 1.29 billion. Also, sales surged 41.3 percent for preparations of milk, cereals, fluor & starch. Meantime, sales of meat & edible offal climbed a modest 1.3 percent, whereas exports of mechanical machinery & equipment dropped 3.9 percent. By destination, exports climbed to China (29.1 percent), Korea (15.7 percent), Japan (12.5 percent), and the US (11.8 percent). In contrast, sales to the EU fell 8.1 percent.
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