NZ trade surplus $17 million for April

11.30am

New Zealand posted a preliminary trade surplus of $17 million for the month of April, Statistics New Zealand (SNZ) said today.

The trade deficit for the year to April was $1.89 billion, in line with forecasts.

The monthly surplus was slightly better than expected -- economists polled by Reuters were expecting a $9 million deficit.

SNZ said New Zealand's imports for April totalled $2.49 billion, and the government agency estimated exports at $2.51 billion.

The trade balance bettered the $3 million surplus posted in April 2002, although the deficit for the year to April was worse than the $520 million annual surplus in the same period last year.

Annual exports totalled $30 billion, and imports totalled $31.9 billion, SNZ said.

On a quarterly basis, the $290 million surplus was lower than the $785 million trade surplus in the three months to April 2002.

The estimated monthly surplus was the equivalent of 0.7 per cent of exports. Most of the recent April trade balances have ranged from a deficit of 0.7 per cent through to a surplus of 7.5 per cent of exports.

The main drivers for the lower monthly value of imports -- 10.0 per cent lower than for April 2002 -- were crude oil and petroleum products; aircraft; and machinery and equipment.

Crude oil imports of 323,000 tonnes valued $119 million for the month compared with 490,000 tonnes valued at $211 million in April 2002.

However, the value of imports of vehicles and fishing vessels was higher than in April 2002.

April saw the country import a record number of used cars and high numbers of new cars.

A total of 15,968 used cars with a value of $115 million were imported during April 2003, and in the year to April an average of 11,923 used cars with a total value of $94 million were imported each month.

The New Zealand dollar was 13.8 per cent higher in April 2003 than in April 2002, according to the trade weighted index. A higher exchange rate will generally cause a decrease in the price of imports when measured in New Zealand dollars.

- NZPA