New Zealand posted a merchandise trade surplus of NZ$12 million in February, Statistics New Zealand said on Tuesday.
That topped expectations for a deficit of NZ$200 million following the NZ$914 million shortfall in January.
Exports climbed NZ$371 million or 8.3 percent on year to NZ$4.8 billion – beating forecasts for NZ$4.7 billion and up from NZ$4.4 billion in the previous month.
Milk powder, butter, and cheese led the export rise, up NZ$263 million (24 percent) to NZ$1.3 billion. Milk powder was up NZ$155 million in value (28 percent) to reach NZ$709 million; quantity was up 23 percent.
Other notable rises in the milk powder, butter, and cheese commodity group include: unsalted butter up NZ$40 million (27 percent); quantity up 55 percent; and anhydrous milk fats up NZ$26 million (26 percent); quantity up 52 percent.
Meat and edible offal rose NZ$81 million (11 percent) to NZ$839 million, a new record high for any month. Lamb was up NZ$55 million (16 percent) to NZ$391 million; quantity was up 9.9 percent, while beef was up NZ$43 million (16 percent) to NZ$311 million; quantity was up 11 percent.
Imports advanced an annual 13.0 percent or NZ$547 million to NZ$4.8 billion versus expectations for NZ$4.9 billion and down from NZ$5.32 billion a month earlier.
Vehicles, parts, and accessories led the imports rise, up NZ$133 million (27 percent) to NZ$634 million, with motor vehicles up NZ$93 million.
Other significant rises include: aircraft and parts (up NZ$122 million). Imports of aircraft are irregular and can mean large rises or falls in monthly values; and petroleum and products (up NZ$64 million) with diesel up NZ$41 million.
The largest decreases were in: palm oil cake – dairy cattle supplementary feed (down NZ$42 million); and fertilizers (down NZ$27 million).
In the year ended February, annual goods exports were NZ$57.7 billion, while annual goods imports were NZ$64.3 billion and the annual trade balance was a deficit of NZ$6.6 billion.
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