New Zealand posted a merchandise trade surplus of NZ$123 million in April, Statistics New Zealand said on Tuesday – representing 3.0 percent of exports.
The headline figure beat forecasts for a surplus of NZ$98 million following the NZ$631 million surplus in March.
Exports were down NZ$240 million or 5.5 percent on year to NZ$4.17 billion versus forecasts for NZ$4.27 billion and down from NZ$4.93 billion in the previous month.
Milk powder, butter, and cheese exports led the fall, down 27 percent (NZ$323 million) from April 2014, due to lower quantities for whole milk powder and lower prices overall. However, the quantity of dairy products exported rose 1.2 percent overall, led by whey, cheese, and butter. This offset the fall in whole milk powder quantity.
“The value of whole milk powder we sent to China in April 2015 was a fifth of the April 2014 value,” international statistics manager Jason Attewell said. “Volumes were a third of what they were in April 2014, and lower prices made up the rest of the fall in value.”
Other significant commodity group changes were fruit exports, up NZ$62 million, and crude oil exports, down NZ$63 million from April 2014.
Imports added an annual 2.6 percent or NZ$104 million to NZ$4.04 billion versus expectations for NZ$4.12 billion and down from NZ$4.30 billion a month earlier.
The increase was led by transport equipment (aircraft and parts). Consumption goods rose NZ$54 million, led by food and beverages.
For the year ended April 2015, the annual trade deficit was NZ$2.6 billion. This is the largest annual trade deficit since the year ended June 2009 (NZ$3.1 billion).
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