New Zealand’s trade surplus highest since May 2020

New Zealand’s trade surplus has expanded to $699 million in June, data by Statistics New Zealand showed, from $204 million in May.

The figure outstripped market consensus of $294 million and pointed to the highest trade surplus since May 2020.

Total imports plunged 13% year-on-year to $5.5 billion in June, the data showed.

Imports dropped for:

– petroleum & products (-55% YoY);
– iron, steel & articles (-26% YoY);
– vehicles, parts & accessories (-25% YoY);
– pharmaceutical products (-21% YoY).

The nation’s total exports edged down 0.1% year-on-year to $6.2 billion in June.

Exports decreased mostly for:

– crude oil (-76% YoY);
– precious metals, jewelry & coins (-35% YoY);
– milk powder, butter & cheese (-10% YoY);
– logs, wood & wood articles (-7.7% YoY).

The New Zealand Dollar was 0.12% firmer on the day against its Australian counterpart, with the AUD/NZD currency pair last trading at 1.1102.