New Zealand Trade Surplus Down to 4-Month Low
New Zealand trade surplus narrowed for the second straight month to NZD 285 million in May of 2014 from a revised NZD 498 million in April. The trend for exports is still at a high level, but it appears to be falling.
The value of exported goods rose to NZD 4.6 billion in May of 2014, up 13 percent compared with May of 2013. Milk powder, butter, and cheese led the increase in exports, up NZD 327 million. In April, shipments rose 13 percent year-on-year, following a 14 percent increase in March.
Exports to China were up NZD 204 million to NZD 868 million in May 2014. This was led by milk powder, crude oil, and sheepmeat. This is the first shipment of crude oil to China since July 2009. In contrast, sales to to Australia fell NZD 81 million to NZD 667 million.
The value of imported goods rose 7.0 percent to NZD 4.3 billion. Capital goods led the rise, driven led trucks, cranes, and excavators.
Seasonally adjusted exports rose 0.5 percent in May 2014 compared with April 2014. Seasonally adjusted imports rose 2.9 percent.
6/27/2014 12:04:42 AM