New Zealand Records Trade Surplus In January

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New Zealand's trade balance swung to a surplus of NZ$269 million in January from the NZ$32 million deficit in the previous month, Statistics New Zealand reported on Friday.

This marks the first trade surplus recorded in the country since May 2009. Analysts had expected a NZ$100 million deficit.

Exports dropped 0.6% annually to NZ$3.2 billion in January. Exports of casein & caseinates, cereals, flour, & starch, and meat & edible offal recorded large declines. On the other hand, exports of crude oil & milk powder, butter, and cheese recorded large rises.

At the same time, imports plummeted 11.9% to NZ$2.9 billion. Electrical machinery & equipment and mechanical machinery & equipment were the most significant contributors to the decline in imports.

New Zealand's trade balance swung to a surplus of NZ$269 million in January from the NZ$32 million deficit in the previous month, Statistics New Zealand reported on Friday. (Market News Provided by RTTNews)