A recovery in dairy export prices helped boost New Zealand's July 2017 exports, compared with July 2016, the country's statistics department Stats NZ said on Thursday.
The boosted exports led to a rare July trade surplus of 85 million NZ dollars (61 million U.S. dollars) in 2017, Stats NZ said.
"July months are typically deficits," overseas trade manager Tehseen Islam said in a release, adding that this is the first July surplus since 2012 and only the 11th July surplus since 1960.
This month's surplus compares with a 351 million NZ dollar (252.6 million U.S. dollar) deficit in July 2016, in part reflecting a large aircraft import back then, Islam said.
Exports rose 668 million NZ dollars (480 million U.S. dollars), or 17 percent, in July 2017, compared with July 2016. The rise in exports was led by higher values across a variety of commodities, especially milk powder, butter, and cheese, which were up 51 percent, Stats NZ said.
The rise in dairy was the largest for any month since March 2014. The value of whole milk powder per tonne was one-third higher than a year ago, while the quantity was up 12 percent, it said, adding that international dairy product auction prices rose sharply in the second half of 2016.
The boosted exports led to a rare July trade surplus of 85 million NZ dollars (61 million U.S. dollars) in 2017, Stats NZ said.
"July months are typically deficits," overseas trade manager Tehseen Islam said in a release, adding that this is the first July surplus since 2012 and only the 11th July surplus since 1960.
This month's surplus compares with a 351 million NZ dollar (252.6 million U.S. dollar) deficit in July 2016, in part reflecting a large aircraft import back then, Islam said.
Exports rose 668 million NZ dollars (480 million U.S. dollars), or 17 percent, in July 2017, compared with July 2016. The rise in exports was led by higher values across a variety of commodities, especially milk powder, butter, and cheese, which were up 51 percent, Stats NZ said.
The rise in dairy was the largest for any month since March 2014. The value of whole milk powder per tonne was one-third higher than a year ago, while the quantity was up 12 percent, it said, adding that international dairy product auction prices rose sharply in the second half of 2016.
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