Business News
Chinese dairy demand gives New Zealand record monthly trade surplus
May 30, 2011, 1:58 GMT
Wellington - Strong demand for dairy products by China helped New Zealand post a record monthly trade surplus of 1.1 billion New Zealand dollars (900 million US dollars) in April, according to official figures released Monday.
April's surplus compared with a revised surplus of 578 million New Zealand dollars in March, the national statistics agency said.
The annual trade surplus of 1.2 billion New Zealand dollars for the previous 12 months was the highest for a year ended April since 1994, Statistics New Zealand reported.
The news, well above market expectations, boosted the value of the New Zealand dollar to 82.16 US cents, the highest level since it was floated 26 years ago.
Total exports in April were a record 4.65 billion New Zealand dollars, 17 per cent up year on yoear.
Dairy products worth 1.25 billion New Zealand dollars accounted for 27 per cent of all exports in April, with sales to China increasing 126 million New Zealand dollars to 583 million New Zealand dollars.
Exports of milk powder, butter and cheese were up 32 per cent year on year. The ANZ Bank commodity price index showed that export prices were at a record high in April after increasing for eight consecutive months.
Analysts JP Morgan Australia Ltd commented, 'Strong demand from emerging market economies, owing to changing dietary requirements and an increase in demand for protein - a common theme evolving across many EM economies thanks to their growing middle class - continues to underpin demand for New Zealand exports.'
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