WELLINGTON: New Zealand posted a bigger trade surplus than expected in February, as exports were bolstered by a $267 million drilling platform. Statistics New Zealand said the country had a merchandise trade surplus of $339 million in February, compared with expectations for a $50 million surplus in a Reuters poll of economists. The data included the export of a large drilling platform, and excluding that item the surplus was $72 million, the agency said. The latest data compares with a $13 million surplus in January, and an $84 million surplus in February last year.
Exports in February increased 9.3 per cent to $4.25 billion from the year earlier month, ahead of the $4.05 billion forecast by economists. Ships, boats and floating structures led the gain in exports, due to the drilling platform, without which overall exports would have gained just 2.5 per cent.
Meanwhile, exports of dairy products, the country’s largest commodity export group, increased 9.2 per cent to $992 million from the year earlier, due to gains in both the value and volume of products such as butter and cheese.
