"The value of goods imported rose on the back of petroleum imports, which can fluctuate depending on the timing of shipments "
- Louise Holmes-Oliver, industry and labour statistics manager at Statistics New Zealand
New Zealand posted smaller than expected trade surplus last month, hit by a rise in petroleum imports which more than offset increasing meat exports from the country. According to the Statistics New Zealand, the country recorded a 157 million New Zealand Dollar (USD127 million) trade surplus in April, compared with 732 million in March. Analysts, however, expected a figure of 475 million. Imports surged 7.4% to $3.8 billion from the same month a year earlier, due to a 46% jump in petroleum and products to $751 million. The value of exports was 2.2% higher than a year ago and stood at $3.95 billion, helped by an 11% gain in meat.
At the same time, the world's second largest economy consolidated its position as New Zealand's largest trading partner during the last three months, outpacing Australia in the three months to the end of March. Shipments to China rocketed 40.3% on the yearly basis during the period, while imports inched up 3.3%. The world's most populous nation has become increasingly important to New Zealand exporters as receipts have almost tripled since the nations signed a free trade agreement five years ago. Despite a drop of the trade surplus, the economy is continuing to head in the right direction, as the economic output is continuing to grow, while the labour market's conditions are improving as well.
© Dukascopy Bank SA