WELLINGTON: New Zealand reported dairy exports fell down by 13.4 percent. The country recorded a $NZ50 million ($48m) goods, or merchandise, trade surplus for February and a deficit of $NZ2.18 billion. February’s surplus is sharply lower than the year-earlier surplus of $NZ797m, while the 12-month figure compares with a surplus of $NZ627m in February 2014. The 12-month deficit is the widest it has been since August 2009. Economists had been expecting a February surplus of $NZ350m and a 12-month deficit of $NZ1.86bn.
Milk powder, butter and cheese exports led the decline, falling 41 per cent from the same month a year ago, due to lower prices and a 10 per cent fall in volumes exported. More than three-quarters of the drop in value was due to falling exports to China, Statistics New Zealand said. Total exports in February were $NZ3.92bn, down 13.4 per cent on year. Imports were $NZ3.87bn, up 3.7 per cent.
China remained New Zealand’s main export destination in February, but exports to China in the 12 months through February were down 18.4 per cent. Exports to Australia, the country’s second-largest trading partner, were down 4.1 per cent.
