Milk powder, butter, and cheese, New Zealand’s largest export commodity, increased $261 million (25 percent) in January 2012. The increase was led by unsweetened whole milk powder, up $134 million (28 percent). Unsalted butter was up $45 million (45 percent).
All three main broad economic categories (intermediate, capital, and consumption goods), increased in value in January 2012.
In January 2012, there was a trade deficit of $199 million, or 5.3 percent of the exports value. Excluding the one-off importation of aircraft, there would have been a small trade surplus of $14 million (0.4 percent of the value of exports).