Dairy exports continue to bolster New Zealand trade surplus

The value of New Zealand's goods exports rose by 2.1 percent to 13.6 billion NZ dollars (11. 59 billion U.S. dollars) in the quarter to the end of March, the third quarterly rise in a row, the government statistics agency announced Tuesday.

"Meat and fruit led the increase in seasonally adjusted exports, " Statistics New Zealand international statistics manager Jason Attewell said in a statement.

"This is the second consecutive quarter that both values and quantities for these two commodities have risen."

Seasonally adjusted meat values rose 8.7 percent in the March quarter, and quantities rose 6.8 percent, while fruit values rose 27 percent, and quantities rose 20 percent.

The rises were offset slightly by a 2.4-percent fall in milk powder, butter, and cheese, down 2.4 percent, following 26-percent increases in both the September and December 2013 quarters.

Despite the small fall this quarter, dairy remained at high levels and comprised 31 percent, the biggest commodity, to total exports.

Imports rose 1.5 percent to 12.5 billion NZ dollars (10.65 billion U.S. dollars) in the March quarter, led by a rise in capital goods.

The trade balance for the March quarter was a surplus of 1.1 billion NZ dollars (937.6 million U.S. dollars), which followed a surplus of 986 million NZ dollars (840.04 million U.S. dollars) in the December 2013 quarter.

In March, New Zealand's monthly exports hit 5.1 billion NZ dollars (4.35 billion U.S. dollars).

"This is the first time monthly exports have exceeded 5 billion NZ dollars (4.26 billion U.S. dollars), and annual exports have exceeded 50 billion NZ dollars (42.62 billion U.S. dollars)," Attewell said.

"Record dairy exports pushed the values past these thresholds."