China, EU markets bolster New Zealand trade surplus

Rising exports to China and the European Union (EU) last month helped keep a small surplus in New Zealand's merchandise goods trade, the government statistics agency said Thursday.

Goods exports were valued at 4 billion NZ dollars (2.68 billion U.S. dollars) in February, up 2.5 percent year on year, according to Statistics New Zealand.

This figure excluded the export of a large drilling platform, a one-off sale that raised exports by 9.3 percent to 4.2 billion NZ dollars (2.81 billion U.S. dollars).

Exports to China were up 12 million NZ dollars (8.04 million U.S. dollars), or 1.6 percent, led by a rise in milk powder, butter, and cheese, while exports to the EU were up 67 million NZ dollars (44.88 million U.S. dollars), or 17 percent, led by an 82-percent rise in the quantity of wine exports.

"Export results were mixed in February 2016, with many commodities rising in value," international statistics senior manager Stuart Jones said in a statement.

"But falls for some of our main commodities, including beef, lamb and milk powder, meant that the rise was limited."

Milk fats, including butter, and cheese both had increases in value and quantity while other components of the pillar dairy sector, including milk powder, fell in value although quantity showed little change.

Imports rose by 2.8 percent to 3.9 billion NZ dollars (2.61 billion U.S. dollars), with the largest increases in consumption goods including pharmaceuticals, toys and sporting equipment.

February saw a goods trade surplus of 72 million NZ dollars (48.21 million U.S. dollars), or 1.8 percent of exports.

Including the drilling platform, the goods trade surplus was 339 million NZ dollars (226.99 million U.S. dollars), or 8 percent of exports. Endit