New Zealand Trade Balance: upside swing to February's data

Statistics New Zealand is out with New Zealand's latest Trade Balance figures for February.

New Zealand's monthly trade balance came in at a surplus of $217 million, led by a surge in exports to all of New Zealand's top trading partners thanks to an $85 million increase in the total amount of meat and edible offals heading overseas.

Exports rose $446 million, or 11%, to $4.5 billion compared to the previous February, while Imports also climbed $187 million to an all-new February high of $4.2 billion compared to the previous record high of February 2017 at $4.1 billion.

Internal demand in Februaryfor machinery also drove New Zealand's imports, along with food residues and fodders, while crude oil and vehicles demand declined by 7.8% and 33% respectively over the previous February.