The country's export-led recovery has continued for three consecutive quarters, with figures out yesterday showing New Zealand's trade balance was $378 million for the three months ended September.
Figures from Statistics New Zealand (SNZ) put the seasonally adjusted trade surplus for the September quarter as equivalent to 3.5% of exports.
Before the seasonally adjusted trade balance went into surplus in the March quarter, the previous surplus had been in December 2001.
For just the month of September, the country recorded an actual trade deficit of $532 million, or 17%, compared with an average deficit of 28% over the preceding five September months, which are typically deficits.
ASB economist Jane Turner said the third consecutive trade surplus was testament to the export-led recovery New Zealand was experiencing.
"Although some areas of exports eased in the third quarter, this follows a very strong performance over the first half of the year. In addition, areas such as dairy continue to benefit from strong commodity prices."
The export sector remained a key driver of growth for the New Zealand economy, she said.
The annual trade balance for the September year was a surplus of $921 million, or 2.2% of exports, compared with an average deficit of 14% over the preceding five September years, Statistics said.
Exports in September were valued at $3.2 billion, up $335 million or 12% from a year earlier.
However, not all the news was good.
Exports fell 2.5% in the quarter, led by a 23% fall in meat exports, largely related to lower volumes.
Exports in forest-related products fell 9.2%, due to a mix of lower volumes and prices. The decline followed several months of strong increases and overall, demand conditions for New Zealand forestry products remain firm.
The 4.5% fall in mechanical machinery and equipment exports may have been caused by the September earthquake in Canterbury, given the large manufacturing base in the region.
Offsetting the falls, milk powder, butter, and cheese exports recorded the largest increase, rising $243 million, or 56%, from a year earlier.
A rise in exports of pleasure boats led the $42 million, or 40%, increase in the export of ships, boats and floating structures in September.
The third-largest increase in exports for September was a $22 million or 34% rise in precious metals, jewellery and coins, led by a rise in non-monetary gold.
The largest fall in exports last month was in crude oil, which fell $45 million, or 21%, due to lower quantities, SNZ said.
Imports for the September quarter were down 3.1% on the previous corresponding quarter.
Ms Turner said oil-related products made up the majority of the fall.
"Oil is imported in large, irregular shipments, which can cause fluctuations in the series. But oil imports for both August and September were unusually low."
It would be no surprise to see oil imports figures revised up in future releases as some of the data contained estimates, she said.
