2019.06.2419:45:00UTC+00New Zealand May Trade Surplus NZ$264 Million

New Zealand posted a merchandise trade surplus of NZ$264 million in May, Statistics New Zealand said on Tuesday.

That beat forecasts for a surplus of NZ$250 million following the NZ$433 million surplus in April.

Exports were up 8.5 percent on year to NZ$5.81 billion, also exceeding expectations for NZ$5.61 billion and up from NZ$5.55 billion in the previous month.

The leading contributor to the rise was exports of milk powder, butter, and cheese, up NZ$171 million (15 percent) to NZ$1.3 billion.

Milk powder rose NZ$155 million (32 percent) in value, and 27 percent in quantity. The average unit value rose 3.9 percent.

Whey and other natural milk constituents rose NZ$33 million (66 percent) in value, and 23 percent in quantity. The average unit value rose 35 percent.

Milk fats including butter fell NZ$58 million (17 percent) in value, and 12 percent in quantity. The average unit value fell 5.7 percent.

Preparations of milk, cereals, flour, and starch rose NZ$72 million (41 percent) to NZ$247 million. This commodity group includes infant formula.

Fruit rose NZ$52 million (8.8 percent) to NZ$651 million, led by gold kiwifruit (up NZ$51 million).

Gold kiwifruit rose NZ$51 million (22 percent) in value, and 14 percent in quantity. The average unit value rose 7.4 percent. Green kiwifruit fell NZ$23 million.

Apples rose NZ$23 million (13 percent) in value, and 6.7 percent in quantity. The average unit value rose 6.0 percent.

Fish rose NZ$49 million (35 percent) to NZ$189 million. These rises were partly offset by a fall in petroleum and products other than crude oil (such as liquefied natural gas and petroleum oil residues), down NZ$101 million (96 percent).

Imports climbed an annual 7.6 percent to NZ$5.54 billion versus forecasts for NZ$5.40 billion and up from NZ$5.11 billion a month earlier.

The leading rises were: crude oil, up NZ$363 million (486 percent) to NZ$438 million. This rise was quantity-led; the average unit price also rose, up 2.6 percent; ships, boats, and floating structures, up NZ$75 million; aircraft and parts, up NZ$50 million (88 percent); and mechanical machinery and equipment, up NZ$34 million (4.6 percent).

These rises were partly offset by falls in vehicles, parts, and accessories (down NZ$183 million or 20 percent), and petroleum and products other than crude oil (down NZ$130 million).

Annual goods exports were valued at NZ$59.4 billion in May 2019, up NZ$4.1 billion from the previous year. Annual goods imports were valued at NZ$64.9 billion in May 2019, up NZ$5.9 billion from the previous year. The annual trade deficit was NZ$5.5 billion in May 2019, up from NZ$3.7 billion in the year ended May 2018.