New Zealand trade data for May has just been released, and it’s smashed expectations.
Over the month exports rose to $4.36 billion, higher than the $4.17 billion level seen in April, while imports slid to $4.01 billion from $4.04 billion.
With exports topping forecasts and imports falling back, the nation’s trade surplus rose to $350 million from $123 million in April.
Markets had been expecting exports of $4.27 billion and imports of $4.29 billion leaving the trade deficit at $100 million.
On a cumulative 12-month basis the trade deficit fell back to $2.57 billion, below the $2.62 billion level of April and expectations for an increase to $2.9 billion.