New Zealand June Trade Surplus NZ$426 Million

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New Zealand had a merchandise trade surplus of NZ$426 million in June, Statistics Korea said on Friday – down from the NZ$1.253 billion surplus in May.

Exports were up 2.2 percent on year or NZ$107 million to NZ$5.07 billion, down from NZ$5.39 billion in the previous month.

Higher milk powder exports and a recovery in log exports helped boost total exports in June 2020, up NZ$107 million to NZ$5.1 billion from June 2019.

Leading the rise was New Zealand’s biggest export commodity group, milk powder, butter, and cheese, up NZ$90 million to NZ$1.2 billion from last June.

Milk powder rose NZ$108 million to reach NZ$650 million, which was partly offset by a fall in milk fats including butter, down NZ$38 million.

In contrast to the falls in previous months, quantities and values of log exports in June 2020 were up in June 2019, up 8.8 percent and 7.0 percent, respectively.

Imports rose 0.2 percent on year of NZ$11 million to NZ$4.64 billion, up from NZ$4.14 billion.

Of New Zealand’s main trading partners, imports from the United States of America had the biggest fall in June 2020, down NZ$111 million when compared with June 2019. Mechanical machinery and equipment (such as turbo-jet and turbo-propeller parts) led the fall, down NZ$58 million (41 percent).

Goods imports from China were up NZ$97 million (10 percent) in June 2020 when compared with June 2019. The leading rises were electrical machinery and equipment (such as mobile phones) up NZ$45 million, articles of plastic (such as disposable aprons) up NZ$27 million, and textiles (such as face masks) up NZ$23 million.

For the second quarter of 2020, exports fell 5.8 percent on quarter or NZ$904 million to NZ$14.7 billion. Imports sank 16.0 percent on quarter or NZ$2.5 billion to NZ$13.2 billion, resulting in a trade surplus of NZ$1.4 billion – the first quarterly surplus since 2014 Q1.

On an annual basis, exports rose NZ$822 million or 1.4 percent to NZ$60.2 billion. Imports sank NZ$3.0 billion or 4.6 percent to NZ$61.4 billion. The annual trade deficit was NZ$1.2 billion, the smallest annual trade deficit since 2014 Q4.

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