'Bumper' kiwifruit sales help NZ exports hit record high of $5.8b

Wednesday, 29 April 2020

This year's Kiwifruit harvest is helping add lustre to export figures.

New Zealand exports reached a new record in March, helped by a 'bumper' kiwifruit harvest and high prices for meat and dairy products, Statistics NZ has reported.

Exports in March were up 3.8 per cent on a year ago at $5.8b, eclipsing the previous record set in May last year.

The monthly trade balance was a surplus of $672m.

That was despite a decline in log sales, particularly to China.

Exports of gold kiwifruit doubled in volume from last month, earning $187m in export revenues which was up by $105m from last March.

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New Zealand is enjoying a strong trade surplus during the coronavirus crisis.

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Imports in March were up 7.7 per cent, at $5.1 billion, but that was almost entirely accounted for by an increase in the volume of fuel imports, which added $387m to the country's import bill.

In dollar terms, imports of crude oil were up 59 per cent, diesel up 80 per cent and petrol up 168 per cent.

Statistics NZ said fuel imports tended to fluctuate a lot from month to month.

The price of oil has since crashed, meaning the increased import costs of fuel won't continue.

Preliminary data previously released by Statistics NZ suggests record exports will not have continued into April, with exports falling below 2019 levels during the first two weeks of April, but still up on 2018.

But the preliminary also showed imports declining further during the level 4 lockdown, to levels last seen in 2018, meaning the continuation of a strong trade surplus.