New Zealand's exports have fallen for the first time since August 2007.
New Zealand's exports have fallen for the first time since August 2007.
Both exports and imports fell as New Zealand recorded a $489 million trade surplus in February, Statistics New Zealand (SNZ) says.
Exports fell for the first time since August 2007, dropping $243m or 6.6 per cent compared to February 2008 to $3.5 billion. The fall was led by decreases inmilk powder, butter and cheese, down $288m mainly due to a decrease in whole milk powder.
The largest offsetting increase was a $120m rise in meat and edible offal exports, led by lamb cuts, SNZ said today.
Imports were down $490m or 14.2 per cent to $3b last month from a year earlier, the largest fall in percentage terms in 16 years.
It was led by a $265m, or 70.1 per cent, fall in crude oil imports, mainly due to much lower quantities being imported.
Cars were down $158m or 62.5 per cent to their lowest value for any month since 1994.
The February trade surplus of $489m amounts to 14.2 per cent of exports.
While the trade balance tended to be in surplus in February months, last month saw the highest February surplus as a percentage of exports since 2001, SNZ said.
The February trade balance was better than expected, with the median prediction of economists in a Reuters poll having been for a surplus of $219m.
For the year to February the trade deficit was $5.2b, or 12.1 per cent of exports, better than the $5.5b median forecast.
