NZ: Exports hit a record NZ$5.8b in May - TDS

Analysts at TD Securities note that the Trade balance for May at a NZ$264m surplus was in line with market forecasts for a NZ$250m surplus.

Key Quotes

“The standout was exports hitting a record NZ$5.8b led by dairy products as milk powder exports rose 32% y/y and exports to China gained 29% y/y.”

“Imports edged up to NZ$5.55b. Annual exports rose to NZ$59.38b and annual trade deficit narrowed to NZ$5.49b- the smallest in eight months.”