New Zealand’s trade surplus swelled to $NZ294 million in May, driven by a surge in exports which hit $NZ5.42 billion, the second-highest level on record.
The trade surplus was the highest level since December last year.
Meat exports, particularly for lamb, were a major factor behind the increase.
As seen in the chart below from Statistics New Zealand (StatsNZ), lamb exports surged to the highest level on record.
“Meat exports were up $NZ119 million, or 17%, to $812 million. Quantity was also up 12%,” StatsNZ said.
“Lamb exports were the biggest contributor to the rise in meat with value up $NZ89 million, or 32%, and quantity up 22%.
“Exports of lamb were up to all major markets, including China and the European Union.”
Beef exports also increased by $NZ16 million to $NZ359 million, contributing to the overall lift in exports.
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