- Cameron Bagrie, ANZ Bank New Zealand chief economist
New Zealand's trade surplus was larger than expected in March, mainly due to the re-export of a drilling platform to Singapore in the reported month. The country logged a NZ$631 million trade surplus for March and a NZ$2.41 billion deficit for the year ended March 31, the largest since the year to the end of July 2009, according to Statistics New Zealand. Exports to both China and Australia have declined in the past five months, compared with the same period last year. However, the decrease in exports to the world's second biggest economy appeared to be larger, which has made Australia again New Zealand's top export destination for the first time since the year to the end of November 2013. Total exports dropped by $103 million to $4.9 billion, a 2% decline on the same month last year.
A separate report showed New Zealand business confidence slid from the highest level in seven months as sentiment deteriorated in retailing, manufacturing, agriculture and construction. A net 30% of companies were upbeat about the nation's economy in the current months, down from 35.8% in March, the ANZ Business Outlook showed. Yet, business confidence remained sturdy, posting, the third consecutive month of net optimism following six straight months of pessimism.
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