FXStreet (Mumbai) – New Zealand’s merchandise trade gap unexpectedly improved last month after imports fell sharply due to lower oil prices, while exports continued their downward slump as dairy prices and quantities fell.
The monthly trade surplus expanded from a revised $183 million to $350 million in May, according to Statistics New Zealand, coming in better than the $100 million deficit forecast.
Exports were down 4.7% year-on-year in May to $4.36 billion, largely in line with forecasts, but imports plummeted 7% to $4.01 billion.
The fall in imports last month was largely due to crude oil which was down 43% compared with May 2014. Capital goods imports fell 8.8% over the same period, while consumption goods rose 0.5%.
(Market News Provided by FXstreet)