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WELLINGTON: New Zealand posted its fourth straight trade surplus in May and the biggest for 16 years in percentage terms as imports slumped during an extended recession, official figures have shown.
The trade surplus for May was 858 million dollars (554 million US), or 21.7 per cent of the value of exports, the highest percentage surplus since June 1993, Statistics New Zealand (SNZ) said.
The trade deficit for the year to May was 3.0 billion dollars, or 7.0 per cent of exports, SNZ said.
The value of imports in May fell 20.7 per cent from a year earlier -- the biggest fall since February 1993 -- to 3.1 billion dollars.
Petroleum and petroleum products and cars led the fall in imports.
New Zealand has been in recession since the beginning of last year, with the economy shrinking 1.0 per cent in the December and March quarters due to the impact of the global economic crisis.
Exports rose 5.8 per cent to 4.0 billion dollars in May. Exports to China accounted for 80 per cent of the increase.
Dairy exports rose 19.4 per cent from a year earlier, when the effects of a drought restricted production.
- AFP/yt
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