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New Zealand’s exports surged by a whopping 30% in the year to February and 20.5% from a month ago, narrowing the trade gap to the lowest reading in nearly 3 years. New Zealand’s overall deficit now stands at just NZ$4.41 billion ($3.5 billion). The dairy component contributed most significantly to the stellar outcome, jumping 72% in the year to February. The island nation’s newly established oil export sector also contributed, with an impressive 82% increase in exports of petroleum products since a year ago. Booming commodity prices have swelled Kiwi export revenues, as primary products make up some 70% of all exported goods. Imports expanded 16.1% in annualized terms, out-pacing expectations of 11%. The RBNZ is no doubt counting on exports to keep economic growth as domestic spending eases under pressure from record-high interest rates. While the bank has routinely stated borrowing costs will remain at current levels, a rising pace in import numbers would suggest domestic consumption and investment has not felt the yoke of monetary tightening as yet. The RBNZ is set to announce policy again on April 23rd.

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