New Zealand posted a trade surplus of $12 million in February, down from a $188 million surplus in the same month a year ago, as China boosted milk powder exports while imports of cars rose.
In the last 10 February months, there have been nine surpluses and one deficit, according to Statistics New Zealand. Meanwhile, the record January deficit was adjusted higher to $948 million, up from the previously reported $914 million deficit.
In February, overall goods exports rose 8.3% to $4.8 billion compared with the same month last year, while the value of total goods imports climbed 13% to $4.8 billion, Stats NZ said.
Exports of milk powder, butter, and cheese climbed $263 million to $1.3 billion last month, with milk powder spearheading the gains.
Exports of milk powder alone rose $155 million, or 28%, bolstered by demand in China, Stats NZ said.
Lamb exports climbed to a record $391 million last month, surpassing the previous monthly high of $367 million reached in May 2019, as prices rose.
In terms of imports, vehicles, parts, and accessories were the main contributors to the increase in February, rising $133 million, or 27%, to $634 million. Cars were up $93 million, or 36%, from the same month a year ago.
"The value increase in cars this month is in part due to the discovery of stink bugs in four vehicle carriers in February last year, which meant car imports in that month were unusually low,'' according to Stats NZ acting international statistics manager Dave Adair.
