New Zealand has posted its largest monthly trade surplus in more than two years.
Official figures show a surplus of $578 million in April, more than double the $227m surplus the month before.
Trade figures were boosted by a pick-up in demand from Asia for New Zealand's exports. Photo: 123rf.com
ANZ agri economist Con Williams said a better export performance led the charge, driven by seasonal factors, a broad-based pick-up in demand from Asia supporting commodity prices and a lower New Zealand dollar.
Exports and imports hit new highs for an April month.
The value of exports jumped 10 percent to $4.8 billion.
Sales of milk powder, cheese, and butter soared by 35 percent on the back of higher prices, while those of logs and wine rose by 18 percent and 20 percent respectively, because of a lift in the amount sold overseas.
"By export region, it's all about Asia, with a very strong performance across all major markets over the last three months," said Mr Williams.
He said exports to China rose 24 percent in the three months to April compared with the same period a year ago.
The strong economy continued to draw more imports, rising by 5 percent to $4.2bn, led by petrol, mobile phones, portable computers and tractors.
The annual trade deficit reduced to $3.5bn in April from $3.7bn in March.
In February 2017 it peaked at $3.8bn, the highest trade deficit in almost eight years.
Some economists forecast the deficit to shrink further over the rest of the year, reflecting healthy meat and dairy export prices and rising agricultural production.