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MNI BRIEF: NZ Sees Sept Trade Boost From China Exports

MNI (PERTH)
MNI (Perth)

A surge in Chinese demand for dairy products lifted New Zealand's goods exports by 37% year-on-year in September, helping narrow the nation's monthly trade balance to NZD1.6 billion, according to StatsNZ.

Goods exports rose to NZD6 billion in September, up NZD1.6 billion from the same time last year, while goods imports increased 16% y/y to NZD7.6 billion mainly due to higher fuel prices. The trade balance narrowed from NZD2.6 billion in August.

Milk powder, butter and cheeses were the largest contributor to the rise in New Zealand's exports, climbing 71% y/y to NZD1.5 billion. Sales to China led the export drive, with a 31% y/y increase to NZD1.7 billion. Dairy exports to China grew 36% y/y.

Robert covers RBA and RBNZ policy and the economy for MNI in Australia.
Robert covers RBA and RBNZ policy and the economy for MNI in Australia.

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