New Zealand's trade surplus increased more than expected in March to the highest level since the coronavirus pandemic in 2020 as exports to China and the US logged double-digit growth amid escalating trade tensions, official data revealed on Tuesday.
The trade surplus rose sharply to NZ$970 million from NZ$392 million in February, Stats NZ said. This was the highest surplus since May 2020.
The surplus was expected to decline to NZ$80 million. In March 2024, the surplus totaled NZ$470 million.
The annual growth in exports accelerated to 19.2 percent in March from 14.3 percent in February.
The top export partners were China, US, Australia, EU and Japan. Shipments to China and the US grew 23 percent and 22 percent, respectively.
Exports of milk powder, butter and cheese surged 35 percent and shipment of meat and edible offal increased 34 percent. On the other hand, exports of petroleum and products, casein and caseinates and precious metals, jewellery and coins decreased from the last year.
At the same time, imports advanced 12.2 percent, much faster than the 1.9 percent rise in February.
China and the EU were the top import partners in March. Imports from China moved up 14 percent and that from the EU gained 19 percent.
Meanwhile, imports from the US showed the largest annual increase of 48 percent.
In the March quarter, exports gained 11 percent and imports rose 4.1 percent. The quarterly trade balance was a deficit of NZ$41 million, data showed.
In the year ended March, the trade balance showed a deficit of NZ$6.1 billion compared to a NZ$10 billion shortfall in the last year.