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New Zealand recorded a trade surplus in February

2018-03-26 07:52 am | Resource: NEWS | No Views : 303

New Zealand recorded a trade surplus of 217 million New Zealand dollars in February, accounting for 4.9 percent of exports.

The headline figure exceeded expectations for a NZ $ 100 million deficit following a revised deficit of NZ $ 655 million in January (originally $ 566 million).

Exports jumped 11.0 per cent to NZ $ 4.46 billion, downing expectations of NZ $ 4.56 billion, but rose from NZ $ 4.29 billion the previous month (NZ $ 4.31 billion originally).

Meat and edible parties led to higher exports, up NZ $ 85 million (13 per cent) to NZ $ 768 million. Sheep meat (lamb and mutton) increased by NZ $ 77 million (21 per cent) in value and 3.2 per cent in quantity. The beef has changed little, down 0.3 percent in value and 5.0 percent in quantity. Meat and edible exports in the year ended February 2018 rose 14 percent in value and 1.6 percent in February 2017.

Wood and wood materials prices rose 62 million NZ dollars (19 per cent) to NZ $ 382 million. Unresolved risks increased by NZ $ 45 million (22 per cent) to NZ $ 255 million. The prices of wood and wood materials exported in the year ending February 2018 increased by 16% in value and 12% in volume from February 2017.

Milk powder, butter and cheese rose NZ $ 55 million (5.3 percent) to NZ $ 1.1 billion. Butter rose 38 million New Zealand dollars (28 per cent) in value terms. The amount fell 1.9 percent. Milk powder had changed slightly, up 0.3 percent in value to NZ $ 559 million. The quantity rose 10 percent. The value of milk powder exports decreased by 9.0% from February 2017.

Imports rose 4.6 per cent to NZ $ 4.24 billion against expectations of NZ $ 4.63 billion following an upward revision of NZ $ 4.94 billion the previous month (NZ $ 4.87 billion originally)

Machinery and mechanical equipment rose NZ $ 57 million (10 percent) across a range of goods, including harvest machines (up NZ $ 14 million).

Food waste, waste and feed rose NZ $ 49 million, led by a rise in palm oil, an increase of NZ $ 31 million (109 percent).

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