New Zealand’s imports rose 7.7% yoy to NZD 5.1B in March while exports rose 3.8% yoy to NZD 5.8B. Trade surplus came in at NZD 672m, smaller than expectation of NZD 700m.
Trade with its largest partner, China, continued to drop. Imports from China dropped -10% yoy to NZD 714m. Exports to China dropped -5.8% yoy to NZD 1.4B. Meanwhile, exports to Australia also dropped -8.9% yoy to NZD 738m. But exports to US rose 9.4% to NZD 623m. Exports to EU rose 8.2% yoy to NZD 595m. Exports to Japan also rose 22% yoy to NZD 352m.
