New Zealand’s trade balance turned positive in March, posting a surplus of NZ$281 million, according to data released by Statistics New Zealand. This marks a reversal from the NZ$567 million deficit recorded in February, and the first trade surplus since November 2022.
Exports rose 3.4% to NZ$6.19 billion in March, driven by increases in dairy, meat, and forestry products. Imports, on the other hand, decreased by 1.2% to NZ$5.91 billion, mainly due to lower imports of vehicles, machinery, and consumer goods.
The improvement in the trade balance was welcomed by economists, who noted that it was a positive sign for the New Zealand economy. However, they also cautioned that the decline in imports could indicate that the economy is struggling with high interest rates, which have been implemented by the Reserve Bank of New Zealand to curb inflation.
