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New Zealand Has NZ$594 Million Trade Surplus

New Zealand had a merchandise trade surplus of NZ$594 million in February, Statistics New Zealand said on Wednesday.

That exceeded expectations for a surplus of NZ$550 million following the NZ$340 million deficit in January.

Exports were up 4.5 percent on year to NZ$4.90 billion - matching expectations and up from NZ$4.73 billion in the previous month.

Imports tumbled an annual 9.9 percent to NZ$4.3 billion - again roughly in line with forecasts and down from NZ$5.07 billion a month earlier.

Year to date, New Zealand had a deficit of NZ$3.26 billion versus expectations for a NZ$3.418 billion shortfall following the NZ$3.866 billion deficit in the 12 months to January.

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