NZ has third trade surplus in a row, although exports down 4.6% in April

New Zealand recorded a trade surplus of NZ$276 million (7.5% of exports) in April, compared to a deficit of NZ$293 million in April 2008. The value of both exports and imports fell from a year ago, with the fall in exports driven by crude oil and the fall in imports exaggerated by large one-off purchases in April 2008, Statistics New Zealand (Stats NZ) said today. The fall in imports would have only been 7.3% from a year ago if the one-off items imported in April 2008 were not included in the figures, Stats NZ said. Exports were down 4.6%. In the year ended April 2009, New Zealand's trade deficit was NZ$4.1 billion, the smallest deficit for an April year since 2005. The fall in both exports and imports from a year ago compared with rises of 18.4% and 4.1% in March, respectively. Both were down from March. The April surplus was the third consecutive monthly trade surplus, following 11 straight months of deficits. The fall in exports was led by a 61% decline in the value of crude oil exports and a 51% decline in aluminium exports. However, meat and edible offal exports rose 12.5% from April last year; and logs, wood and wood article exports were up 30.8%. Exports of milk powder, butter and cheese were down 5.4%, while fruit exports rose 22.7%. The slowdown in the New Zealand car market was evident in the figures, with imports of vehicles, parts and accessories down 32.4% in April from a year ago. Imports of petroleum and products were up 4.8%, while electrical machinery and equipment imports were up 6.8%. On a trade-weighted basis, the New Zealand dollar was down almost 20% from April 2008.