New Zealand reports trade surplus

New Zealand recorded a small trade surplus in July, with shipments of dairy products to China making up for weaker exports to Australia, Indonesia and India, according to Statistics New Zealand. The surplus was $15 million (€9.6m) last month, down from a revised $287 million in the previous month, according to the organisation. Exports slipped to $4.03 billion from $4.18 billion, while imports gained to $3.99 billion from $3.89 billion.

The annual deficit was $853 million, or 1.8% of exports. Exports to China rose about 11% to $6.26 billion and shipments to the US grew 4.5% to $4.1 billion. China remained the biggest source of imports for New Zealand in the 12 months ended July 31, rising 8% to $7.7 billion, for a trade deficit in China’s favour of $1.46 billion. New Zealand dairy products exports increased by 4.3% to $11.89 billion in the 12 months through July.