New Zealand posted a merchandise trade surplus of NZ$71 million in May, Statistics New Zealand said on Thursday, worth 1.7 percent of exports.
The headline figure was well shy of forecasts for a surplus of NZ$427 billion following the upwardly revised surplus of NZ$174 million in April (originally NZ$157 million).
Exports dropped 7.8 percent on month to NZ$4.08 billion in May, also missing expectations for NZ$4.45 billion after showing NZ$3.95 billion in the previous month.
Crude oil led the fall in exports to Australia; the United States decrease was led by beef; while the rise in exports to China was led by pine logs.
"Lower goods exports to most destinations contributed to the overall fall in export values," industry and labor statistics manager Louise Holmes-Oliver said. "Australia and United States led this fall, which was partly offset by the increase to China."
Imports dipped 3.9 percent on month to NZ$4.01 billion - in line with forecasts for NZ$4.02 million following the revised NZ$3.77 billion a month earlier (originally NZ$3.80 billion).
Contributing to this fall were petrol and avgas, down NZ$100 million, and mechanical machinery and equipment, down NZ$85 million.
After removing seasonal effects, exports decreased 2.7 percent on month, led by meat and edible offal. Seasonally adjusted imports fell 1.2 percent in May.
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