New Zealand Posts Trade Surplus in May as Exports to U.S. Jump

By James Glynn

SYDNEY--New Zealand posted a small trade surplus of 204 million New Zealand dollars (US$124.8 million) in May as total exports topped NZ$7 billion dollar for the first time, Stats NZ said Monday.

Total exports were valued at NZ$7.16 billion in May, beating the previous high of NZ$6.95 billion in May 2023, Stats NZ said.

"May months are typically a peak time for exports, being the height of the fruit season, and strong periods for meat, dairy, and vegetable exports," Alasdair Allen, international trade manager at Stats NZ, said.

Exports to the U.S. topped NZ$1.0 billion for the first time, the data showed.

The U.S. is New Zealand's second-biggest export market behind China, with an annual export value of NZ$8.8 billion for the year ending May.

Leading the rise in exports to the U.S. was beef, up 31% in May from a year earlier. In contrast, beef exports to China were down 45% over the same period, Stats NZ said.

Write to James Glynn at [e-mail]

(END) Dow Jones Newswires

06-23-24 1929ET