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New Zealand trade surplus shrinks as imports outpace exports in June
June goods exports rose 25.0% year over year to NZD 8.1 billion, but imports increased 28.0% year over year to the same level, narrowing the surplus to NZD 23 million from a revised NZD 577 million in May.
New Zealand’s goods trade surplus narrowed sharply in June as imports slightly outpaced exports, according to data covered by Action Forex. The surplus fell to NZD 23 million, down from a revised NZD 577 million in May.
On a year over year basis, goods exports increased 25.0% to NZD 8.1 billion, while imports rose 28.0% to the same NZD 8.1 billion level. ActionForex reports that the month still showed strong trade flows on both sides of the ledger despite ongoing global uncertainty.
Exports were supported by demand from major trading partners, including a 24.0% year over year gain in shipments to China led by milk, cereals, flour and starch, and meat. Exports to the US jumped 43.0%, driven by demand for meat and dairy products.
On the import side, purchases rose across key origins, with stronger buying from China, the EU, Australia and South Korea, including higher imports of machinery, vehicles and petroleum products. The data point to supportive external demand alongside evidence that domestic activity is holding up as well, consistent with an economy continuing to recover.