New Zealand's trade surplus widened in April to more than twice economists’ forecasts as surging commodity prices and Asian demand boosted dairy exports, strengthening the local currency to a record. Exports exceeded imports by NZ$1.11 billion ($910 million), the biggest ever, from a revised NZ$578 million surplus in March. Milk powder, butter, meat, lumber and wool led the rise as commodity prices increased 1.6 percent in April from March to a record.
In the year ended April, total exports to China, New Zealand’s second-largest market after Australia, surged 40 percent. Imports rose 7.2 percent from a year earlier to NZ$3.54 billion, the slowest increase since August last year. New Zealand posted a trade surplus of NZ$1.19 billion in the 12 months ended April 30.
The gap widened from a revised NZ$734 million in the year through March and was the largest since November. Economists expected a 12-month surplus of NZ$571 million.
In the year ended April, total exports to China, New Zealand’s second-largest market after Australia, surged 40 percent. Imports rose 7.2 percent from a year earlier to NZ$3.54 billion, the slowest increase since August last year. New Zealand posted a trade surplus of NZ$1.19 billion in the 12 months ended April 30.
The gap widened from a revised NZ$734 million in the year through March and was the largest since November. Economists expected a 12-month surplus of NZ$571 million.
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