New Zealand posted a merchandise trade surplus of 285 million New Zealand dollars in May, Statistics New Zealand said on Friday - representing 6.2 percent of exports.
That topped forecasts for an increase of NZ$250 million following the NZ$534 million surplus in April.
Exports climbed NZ$528 million or 13.0 percent on year to NZ$4.60 billion - beating expectations for NZ$4.50 billion, which would have been unchanged from the previous month.
"Goods exports are high this month compared with May 2013," international statistics manager Jason Attewell said. "However, it appears the growth in exports seen in the past year has leveled off."
Exports to China, New Zealand's main export partner, were up NZ$204 million to NZ$868 million in May. This was led by milk powder, crude oil, and sheep meat. This is the first shipment of crude oil to China since July 2009.
The continued growth of exports to China has resulted in the two-way trade of goods (exports plus imports) reaching NZ$20.1 billion for the first time in the year ended May 2014. This was up NZ$4.7 billion from the previous year, with exports contributing NZ$4.0 billion to this increase.
Exports to Australia fell NZ$81 million to NZ$667 million.
Imports added NZ$283 million or 7.0 percent on year to NZ$4.32 billion versus forecasts for NZ$4.23 billion and up from NZ$3.96 billion a month earlier.
Capital goods led the rise, up NZ$186 million. This was led by trucks, cranes, and excavators.
Vehicles, parts, and accessories also fueled the increase in imports, up NZ$114 million.
Seasonally adjusted, exports added 0.5 percent on month in May, while imports jumped 2.9 percent.
Year to date, New Zealand's trade surplus was NZ$1.373 billion - topping expectations for NZ$1.350 billion and up from NZ$1.191 billion a month earlier.
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