2020.04.2823:45:00UTC+00New Zealand March Trade Surplus NZ$672 Million

New Zealand had a merchandise trade surplus of NZ$672 million in March, Statistics New Zealand said on Wednesday - up from NZ$594 million in February.

Exports were up 3.8 percent on year or NZ$215 million to NZ$5.81 billion, up sharply from NZ$4.92 billion in the previous month.

For exports, fruit led the rises in total exports values, up NZ$115 million (54 percent). Other rises included milk powder, butter and cheese, up NZ$106 million (7.6 percent), and meat and edible offal, up NZ$102 million (11 percent). Forestry products led the falls, down NZ$185 million (35 percent). Crude oil fell NZ$22 million (40 percent).

Imports jumped an annual 7.7 percent or NZ$369 million to NZ$5.14 billion, up from NZ$4.33 billion a month earlier.

For imports, petroleum and products led the rises in total imports values, up NZ$389 million (74 percent). Mechanical, machinery and equipment rose NZ$70 million (11 percent). Electrical machinery and equipment led the falls, down NZ$31 million or 7.7 percent. Other falls included aircraft and parts, down NZ$31 million (52 percent), and textiles and textiles articles, down NZ$21 million (11 percent).

For the first quarter of 2020, exports were up 2.9 percent on quarter (NZ$442 million) to NZ$15.7 billion, following a 3.3 percent rise in the three months prior.

Imports fell 3.0 percent (NZ$478 million) to NZ$15.7 billion, following a 0.8 percent fall in the previous three months.

The quarterly trade balance was a deficit of NZ$12 million.

On a yearly basis, exports rose NZ$2.2 billion (3.8 percent) to NZ$60.6 billion and imports eased 0.1 percent (NZ$60 million) to NZ$64.1 billion for a trade deficit of NZ$3.5 billion.