New Zealand posted a merchandise trade deficit of NZ$60 million in June, Statistics New Zealand said on Friday – or 1.4 percent of exports.
The headline figure beat forecasts for a shortfall of NZ$100 million following the NZ$350 million deficit in May.
The annual trade deficit increased from May, to NZ$2.8 billion in June.
Exports were up 1.3 percent in June to NZ$4.2 billion – topping forecasts for NZ$4.05 billion and down from NZ$4.36 billion in the previous month.
Logs (up NZ$112 million), meat (up NZ$89 million), and fruit (up NZ$87 million) led the rise, while milk powder, butter, and cheese exports were down NZ$320 million.
Goods exports to China rose NZ$20 million from June 2014 to reach $699 million in June 2015, over a range of commodities including logs, meat, and fruit.
“When we compare the same months a year apart, this is the first monthly increase in exports to China since August 2014,” international statistics manager Jason Attewell said. “However, whole milk powder to China continued its recent falls, and was down $92 million.”
Between September 2014 and May 2015, exports to China fell an average of NZ$373 million a month when compared with the same month in the previous year. Exports to Australia fell an average of NZ$43 million a month over that time.
Imports jumped 9.0 percent to NZ$4.3 billion versus expectations for NZ$4.00 billion and up from NZ$4.01 billion a month earlier.
This was despite the import of large aircraft in June last year and no similar imports this June. The rise was across a range of commodities, including consumption goods from China (such as clothing) and machinery and plant from China (such as mobile phones).
Seasonally adjusted quarterly goods exports rose 0.4 percent (NZ$49 million) from the March 2015 quarter, to NZ$12.2 billion in the June 2015 quarter.
Fruit exports rose, while milk powder, butter, and cheese fell. Quarterly goods imports also rose 0.4 percent (NZ$45 million), to NZ$12.6 billion. Capital goods imports rose while intermediate and consumption goods fell.
The seasonally adjusted quarterly trade deficit was NZ$460 million, marking the fifth consecutive quarterly trade deficit. The last surplus was in the March 2014 quarter.
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