2019.07.2319:46:00UTC+00New Zealand June Trade Surplus NZ$365 Million

New Zealand posted a merchandise trade surplus of NZ$365 million in June, Statistics New Zealand said on Wednesday.

That beat expectations for a surplus of NZ$100 million and was up from NZ$264 million in May.

Exports were up 2.8 percent on year to NZ$5.01 billion, shy of forecasts for NZ$5.29 billion and down from NZ$5.81 billion in the previous month.

Logs, wood, and wood articles led the export rise, up NZ$65 million from June 2018 (16 percent) to reach NZ$472 million and 22 percent in quantity. Untreated logs rose NZ$55 million (20 percent) to NZ$324 million, up 26 percent in quantity.

Crude oil exports rose to NZ$44 million in June 2019. There were no crude oil exports in June 2018.

Milk powder, butter, and cheese rose NZ$39 million to NZ$1.1 billion. Milk powder was up NZ$81 million in value (17 percent) to reach NZ$547 million, up 8.9 percent in quantity. Milk fats including butter fell NZ$76 million (21 percent) to NZ$286 million.

Preparations of milk, cereals, flour, and starch rose NZ$37 million (26 percent) to NZ$180 million, up 18 percent in quantity. Within this group, infant formula was up NZ$27 million (27 percent) to NZ$127 million, up 19 percent in quantity.

These rises were partly offset by a fall in petroleum and products other than crude oil, down NZ$83 million (97 percent).

Imports tumbled an annual 10 percent to NZ$4.65 billion versus expectations for NZ$5.20 billion after showing NZ$5.54 billion a month earlier.

The leading falls were: petroleum and products, down NZ$320 million (39 percent) to NZ$493 million; vehicles, parts, and accessories, down NZ$130 million (16 percent) to NZ$664 million; and ships, boats, and floating structures, down NZ$97 million (91 percent).

For the second quarter of 2019, exports were up a seasonally adjusted 1.5 percent on quarter to NZ$15.0 billion, while imports fell 1.0 percent to NZ$15.8 billion for a trade deficit of NZ$773 million.

In the year ended June 2019, annual goods exports were valued at NZ$59.4 billion in June 2019, up NZ$4.0 billion from the previous year. Annual goods imports were valued at NZ$64.4 billion in June 2019, up NZ$4.7 billion from the previous year.

The annual trade deficit was NZ$4.9 billion in June 2019, wider than the NZ$4.2 billion in the year ended June 2018.