New Zealand’s trade surplus widens sequentially in April on rise in dairy, wood, wine exports

New Zealand’s trade surplus widens in April, driven by rise in dairy, wood and wine exports in the month, stated Statistics New Zealand. The nation recorded a goods trade surplus of NZD 578 million.

"In April, we had the largest monthly trade surplus since 2015. This trimmed back the annual deficit, which reached an eight-year high in February”, said international trade statistics senior manager Daria Kwon.

The annual trade deficit in April narrowed to NZD 3.5 billion from March’s deficit of NZD 3.7 billion. The goods trade surplus in April was the largest month surplus seen since March 2016 and the largest April surplus since April 2011. Easter came in April in 2017; however, the holiday seemed to have had slight effect on exports. Both imports and exports reached new highs for an April month.

Goods exports came in at NZD 4.8 billion in April, up 9.8 percent year-on-year. The top-five export commodities all rose compared with April 2016.

Meanwhile, goods imports came in at NZD 4.2 billion, up 4.9 percent year-on-year. The main movements were seen in intermediate goods and capital goods, stated Statistics New Zealand.