NZ exports at record high in May

Goods exports reached a record high $4.2 billion in May, pushed higher by increases in unsweetened whole milk powder and crude oil.

The value of exports was $238 million or 6 percent above that for May 2009, making last month only the third time exports have topped $4b, Statistics New Zealand (SNZ) said today.

The value of goods imported rose $330m or 10.8 percent from a year earlier to $3.4b, with the increase led by rises in crude oil and passenger motor cars.

The trade balance last month was a surplus of $814m, or 19.4 percent of the value of exports.

That compared to an average May trade surplus of 9.3 percent of exports for the previous 10 years, SNZ said.

The annual trade balance for the year to May was a surplus of $91m, or 0.2 percent of exports, compared to an average deficit of 10.5 percent of exports for the previous 10 May years.

- NZPA