- Don Brash , RBNZ former governor
New Zealand posted a bigger-than-expected trade surplus in April as increased volumes of gold kiwifruit and apples boosted shipments of fruit, the country's fourth-biggest export product. The trade data showed a surplus of $292 million in April versus $189 million in the previous month. Goods exports advanced 4.0% in April, up $166 million to $4.3 billion, Statistics New Zealand reported. Sales of fruit surged 16% to $418 million in April from the same month a year earlier, pushed up by a 53% advance in sales of gold kiwifruit as volumes climbed 29%, while apple exports soared 29% in value terms and 13% in volume. Annual fruit exports skyrocketed 33% to $2.42 billion, the fastest pace among the country's 12 export commodities that achieve sales of at least $1 billion. The total value of imported goods in April 2016 was $4.0 billion, up $58 million.
The data also showed that the annual trade deficit widened to a new seven-year low in April, as falling values of primary exports continued to weaken the country's balance of trade. New Zealand's annual trade deficit was $3.66 billion, less than the $3.94 billion expected by economists, but a bigger shortfall than the $2.66 billion deficit in the same period a year earlier. Exports, which accounts for 30% of New Zealand's gross domestic product, rose $166 million or 1.5% to $4.3 billion in April. Meanwhile, imports increased $58 million or 1.5% to $4 billion.
© Dukascopy Bank SA