First NZ annual trade surplus since 2002

NZ has just recorded its first annual trade surplus in nearly eight years, says Statistics NZ. Photo / Kenny Rodger

New Zealand recorded its first annual trade surplus in nearly eight years in the year to April, Statistics New Zealand (SNZ) says.

The surplus of $161 million, or 0.4 per cent of exports, was the first annual trade surplus recorded since July 2002, when an annual surplus had been recorded across 14 consecutive months.

The latest annual surplus compared to an average deficit of 10.8 per cent of exports for the previous 10 April years, SNZ said today.

Milk powder and logs drove a 9 per cent, or $329 million, rise to $4 billion in the value of goods exported in April compared to a year earlier.

SNZ business statistics manager Louise Holmes-Oliver said a $140m rise in unsweetened whole milk powder exports, and a $58m rise in the export of pinus radiata logs were leading contributors to the rise. Quantities and prices for both commodities were higher.

Milk powder, butter, and cheese exports rose $202m or 28.9 per cent overall last month from a year earlier, SNZ said.

Wood and wood products category exports were up 34 per cent or $68m, with meat and edible offal up 11.6 per cent or $63m.

The total value of goods imported in April was $3.3b, down $5m or 0.2 per cent from a year earlier.

Military and other goods imports rose $95m, largely due to the import of the HMNZS Otago offshore patrol vessel, SNZ said.

The second largest rise was in passenger motor cars, up $84m or 55.4 per cent compared to April 2009, when the lowest April value since 1998 had been recorded.

The biggest fall in imports was in consumption goods, with a drop of $65m or 7.3 per cent, led by a fall in textiles and textile articles.

Petrol and aviation gas imports fell $46m or 28.1 per cent, while intermediate goods fell $37m or 2.4 per cent, despite a $68m or 24.9 per cent rise in crude oil imports, which can be irregular.

Capital goods imports were down $34m or 6.5 per cent, with a $44m or 9 per cent fall in machinery and plant partly offset by a $9m or 20.2 per cent rise in transport equipment.

The April trade balance was a surplus of $656m or 16.5 per cent of the value of exports, compared to an average April trade deficit of 0.6 per cent of exports for the previous 10 years.

- NZPA