New Zealand's trade balance surplus fell in May

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The trade balance surplus of New Zealand in May of this year was reduced to 264 million NZD from 383 million NZD in April, according to official statistics. Growth in exports by 8.5% over the year to 5.81 billion New Zealand dollars exceeded experts' forecasts, who had expected its volume at 5.61 billion NZD. An increase in the supply of milk powder, butter and cheese by 15% was the driver of export growth. The import volume also exceeded forecasts, having increased by 7.6% from May last year to 5.54 billion NZD. The supply of crude oil to the country showed the largest increase. Their volume increased by 486% over the year, while vehicle imports fell by 20%.

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