Michael Gordon, analyst at Westpac, points out that the New Zealand recorded a $264m trade surplus in May.
“The result was close to forecasts, although the values of both exports and imports were higher than expected, which may reflect the impact of a weaker New Zealand dollar over the month.”
“May is usually near the seasonal peak for the trade balance. In seasonally adjusted terms, the country recorded a $249m deficit in May, an improvement on the $384m deficit in April.”
“Seasonally adjusted exports rose by 4.2%, led by gains in dairy and forestry.”
“Seasonally adjusted imports rose by 1.4%.”
“The annual deficit improved slightly to just under $5.5bn. We expect a modest further improvement in the coming months, as the rise in dairy prices earlier this year continues to flow through into the export figures.”
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