NZ trade balance for February -385M vs last month -1.126B

NZ Trade balance for February 2022:

• prior month
• trade deficit -385 million versus -1.126B last month (revised from -1.082B). Estimate -808M
• imports 5.88 billion vs 5.92B month (revised from 5.94B). Imports were up 37% more $1.6 billion from a year ago
• exports 5.49M vs 4.80B last month (revised from 4.86M). Exports were up 22% or $990 million from a year ago.
• annual trade balance -8.37B versus -7.78B last month. Both imports and exports were up for all top trading partners

Petroleum and petrol products led the rise, up $243 million (106 percent) to $474 million.

• Crude oil rose $198 million (342 percent) in value, while quantity was up 203 percent. The average unit value rose 46 percent.
• Automotive diesel and petrol rose $37 million (22 percent) in value, while quantity was down 21 percent. The average unit value rose 54 percent.

The monthly movements for February 2022 with top export partners (ranked by total annual goods exports) were:

• China– up $80 million (5.4 percent) to $1.6 billion, led by rises in dairy (up $103 million), partly offset by a fall in preparations of milk, cereals, flour, and starch (including infant formula), down $50 million.
• Australia – up $119 million (22 percent) to $662 million, led by rises in petroleum and petrol products ($20 million), partly offset by a fall in fruit (down $11 million).
• USA – up $37 million (7.4 percent) to $535 million. The largest rise was meat (up $47 million); the largest fall was wine (down $35 million).
• EU – up $62 million (25 percent) to $311 million, led by rises in sheep meat (up $45 million).
• Japan – up $71 million (34 percent) to $280 million, led by a rise in dairy (up $21 million).

The deficit was less than last month and also less than expectations. The smaller deficit was helped by a rise in exports. Imports were marginally lower.

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