Exports, imports both falling say new trade stats

New Zealand's exports have fallen for the first time since August 2007.

Both exports and imports fell as New Zealand recorded a $489 million trade surplus in February, Statistics New Zealand (SNZ) says.

Exports fell for the first time since August 2007, dropping $243m or 6.6 per cent compared to February 2008 to $3.5 billion. The fall was led by decreases in milk powder, butter and cheese, down $288m mainly due to a decrease in whole milk powder.

The largest offsetting increase was a $120m rise in meat and edible offal exports, led by lamb cuts, SNZ said today.

Imports were down $490m or 14.2 per cent to $3b last month from a year earlier, the largest fall in percentage terms in 16 years.

It was led by a $265m, or 70.1 per cent, fall in crude oil imports, mainly due to much lower quantities being imported.

Cars were down $158m or 62.5 per cent to their lowest value for any month since 1994.

The February trade surplus of $489m amounts to 14.2 per cent of exports.

While the trade balance tended to be in surplus in February months, last month saw the highest February surplus as a percentage of exports since 2001, SNZ said.

The February trade balance was better than expected, with the median prediction of economists in a Reuters poll having been for a surplus of $219m.

For the year to February the trade deficit was $5.2b, or 12.1 per cent of exports, better than the $5.5b median forecast.

- NZPA