New Zealand's February Exports Surge 22% Year-On-Year To Record High

New Zealand's exports in February increased significantly by 22% year-on-year to 5.49 billion (NZD, the same below), a record high, mainly driven by the increase in exports of dairy products and beef and mutton. As for imports, it also increased by 37% year-on-year to 58.8 billion, mainly driven by the surge in demand for crude oil, aircraft and laptop computers. Although New Zealand's trade performance was satisfactory, as imports were much higher than exports, the trade deficit for the month was 385 million, but the deficit narrowed significantly from the previous value of 1.083 billion, reflecting that rising commodity prices helped offset imports. The huge expenditure will help ease the pressure of capital outflow.