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Con Williams, Agri Economist at ANZ, notes that New Zealand’s May trade balance remained healthy at a $294m surplus and the annual deficit narrowed back to $3.6bn.

Key Quotes

“An unadjusted trade surplus of $294m was stronger than expected.  Some downward revisions to the month before provided an offset, but the annual deficit managed to narrow back to $3.6bn. The big picture view remains the same with broad-based strength across most export sectors. China remains at the front of the queue.”

In seasonally adjusted terms export values were largely unchanged in May.  The best performers were meat, forestry and infant formula.”

Imports were on the softer side largely due to a fall in the volatile crude/petroleum categories.  In seasonally adjusted terms, imports dropped 4.3%.”