New Zealand reported a trade surplus for the third consecutive month in January as the country's dairy exports to China hit a record high.
In January 2014, there was a surplus of NZ$306 million, compared with a downwardly revised surplus of NZ$493 million in December.
Goods exports were worth $4.1 billion, with $1.2 billion going to China and $556 million to Australia.
The rise in exports to China, up $590 million, was due to milk powder, butter, and cheese exports, up $469 million. The fall in exports to Australia, down $80 million, was due to unwrought gold and silver, and crude oil.
“A record 30 percent of our total exports headed to China in January 2014,” industry and labour statistics manager Louise Holmes-Oliver said. “These exports were more than double the value of those that went to Australia.”
The value of imported goods rose $129 million (3.5 percent) to $3.8 billion. Capital goods led the rise, up $93 million. This was led by well-sinking and boring machinery, mechanical shovels, and goods transport vehicles.
Seasonally adjusted exports fell 0.6 percent in January 2014 compared with December 2013, while the trend remains at a high level. Seasonally adjusted imports fell 5.4 percent in January 2014, with the trend increasing in recent months.
2/26/2014 10:59:16 PM