Statistics NZ reports the first July trade surplus in
30 20 years and dairy products accounted for much of that:
The trade balance for the July 2011 month was a surplus of $129 million, or 3.5 percent of exports, Statistics New Zealand said today. “This is the first July surplus since 1991,” overseas trade manager Stuart Jones said. “It compares with an average July deficit of 18 percent of exports over the previous five years.”
The value of goods exported in July 2011 increased $166 million compared with July 2010, to reach $3.7 billion. The increase was led by milk powder, butter, and cheese exports, and crude oil.
The value of goods imported in July 2011 decreased $149 million compared with July 2010, to $3.6 billion, led by a fall in petroleum and products. Regular petrol and automotive diesel were down, and crude oil import quantities, which tend to be irregular, were significantly lower in July 2011.
The trend in the value of exports has increased 30 percent since its most recent low point in October 2009, and continues to reach new highs. The trend for import values is up 20 percent since the most recent low point in September 2009, but is still 9.9 percent below its overall peak in September 2008.
It is worth noting that the trade surplus happened in spite of the high dollar which makes exports more expensive and imports cheaper.