New Zealand only sees export to China rise

New Zealand posted a surprise trade surplus last month as a drop in petroleum and petroleum products imports offset a fall in the value of exports, with China the only major trade partner seeing a rise in New Zealand exports, the government statistics agency announced Wednesday.

Export values in June fell by NZ$161 million ($128.29 million), or 3.9 percent, compared with June 2012, and imports decreased NZ$286 million, or 7.4 percent, leaving a trade surplus of NZ$414 million, or 10 percent of exports.

Petroleum and products imports fell by 25 percent, or NZ$186 million, from June last year, led by falls in diesel and crude oil.

Meanwhile, export values of milk powder, butter, and cheese fell NZ$139 million, or 14 percent, to NZ$838 million, with quantities down 26 percent.

China showed the largest increase in exports, up NZ$106 million, or 18 percent, led by frozen lamb cuts and pine logs.

The value of exported goods fell 4.7 percent to NZ$11 billion in the June quarter, following a rise of 0.4 percent in the March quarter, according to Statistics New Zealand.

"Dairy and meat exports led the fall, with values and quantities down for both," industry and labor statistics manager Louise Holmes-Oliver said in a statement.

The value of imported goods increased 1 percent to NZ$11.6 billion in the June quarter, leaving a trade deficit of NZ$669 million, or 6.1 percent of exports, following a deficit of NZ$14 million for the March quarter.