October 29, 2012

New Zealand reaches US$147 million trade surplus on soaring dairy exports

New Zealand has achieved a trade surplus of US$147 million for the three months due to a big jump in September's dairy exports but milk powder, cheese and butter exports dropped away again in the September month, compared with a year ago.

The small surplus for the September quarter followed trade deficits of US$698 million in the March quarter and US$581 million in the June quarter. For the September quarter, seasonally adjusted exports rose 5.1%, to US$11.9 billion.

Seasonally adjusted imports dropped 1.3%, to US$11.8 billion, compared with the June quarter.

"Dairy products led the return to surplus," industry and labour statistics manager Louise Holmes-Oliver said. "Milk powder, butter and cheese exports rose 16% for the quarter, with high values in July and August."

However, for the September month, milk powder, butter and cheese exports fell US$77 million (11%) compared with last September. Total export values fell US$136 million (3.9%).