New Zealand's Trade Surplus Narrows in June


New Zealand's trade surplus narrowed in June as an historically high New Zealand dollar and a pull back in commodity prices weighed on exports. The trade surplus totaled NZ$230 million, down from a surplus of NZ$551 million in May.

Exports for June totaled NZ$3.97 billion, down 14.1% from May.

Milk powder, butter, and cheese exports recorded the largest increase, up $90 million (11 percent), led by an increase in sweetened skimmed milk powder. Unsweetened whole milk powder and anhydrous milk fat were also significant contributors. Aircraft and parts showed the second-largest increase, up $59 million, a six-fold increase. Meat and edible offal had the next-largest increase, up $47 million (11 percent).

Ships, boats, and floating structures recorded the largest decrease, down $68 million (73 percent). This was driven by a decrease in the export of pleasure boats in June 2011. Mechanical machinery and equipment recorded the next-largest decrease, down $29 million (17 percent).

Imports totaled NZ$3.74 billion, down 8.1% on month.

Petroleum and its products imports recorded the largest increase, up $62 million (9.3 percent), mainly due to crude oil. Partly offsetting the increase in crude oil was a fall in automotive diesel. Railway, tramway locomotives, rolling-stock and parts thereof recorded the second-largest increase, up $43 million. Mechanical machinery and equipment recorded the next-largest increase, up $33 million (7.6 percent). Fertilizers increased $30 million (143 percent).

Ships, boats, and floating structures had the largest decrease, down $69 million (76 percent). Vehicles, parts, and accessories had the second-largest decrease, down $26 million (7.1 percent).


TradingEconomics.com, Statistics New Zealand
7/28/2011 11:30:29 AM