NZ Trade Balance surges to $294 million in second-best month ever for exports

Joshua Gibson FXStreet

Exports for the month of May in New Zealand's economy surged to their second-highest reading for any single month, ticking upwards by 10% to clock in at $5.4 billion, bringing New Zealand's Trade Balance to a higher-than-expected $294 million for May.

Key quotes

"The monthly trade balance was a surplus of $294 million (5.4 percent of exports), higher than the average monthly surplus in the last five May months.

For the year ended May 2018, the annual trade deficit was $3.6 billion (6.5 percent of exports). This compares with an annual trade deficit of $3.8 billion (7.7 percent of exports) in the year ended May 2017.

Overall exports were up $509 million (10 percent) to $5.4 billion, with meat exports having the largest increase.

Forestry products had the second-largest increase in exports, up $99 million (26 percent) to $477 million. The largest increases were to China, Singapore, and Hong Kong.

The value of total imports rose $277 million (5.7 percent) in May 2018 to reach $5.1 billion, as New Zealand imported more cars, but fewer petroleum products than a year ago.

Imports of cars rose $78 million (17 percent) in May. This boosted overall imports of vehicles, parts "and accessories to $924 million, up $185 million compared with the same month last year."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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