New Zealand ran a record February trade surplus of $818 million, as exports of milk powder, logs and sheepmeat surged, especially to China.
Statistics NZ figures released today show exported goods rose $663 million or 17 per cent to $4.6 billion in February 2014, compared with the same month last year.
Goods exports to China rose $388 million, a 49 per cent leap, driven by primary products, up $398 million in February 2014.
"The rise in dairy this month was supported by logs and meat, with much of the increase in these commodities destined for China," Statistics NZ industry and labour statistics manager Louise Holmes-Oliver said.
The value of imported goods rose $277 million or 8 per cent to $3.7 billion.
The trade balance for February 2014 was a surplus of $818 million equal to 18 per cent of exports.
It was the highest trade surplus for any February month and compares with a surplus of $432 million or 11 per cent of exports in February 2013.
Seasonally adjusted exports rose 4 per cent in February 2014 compared with January 2014. Milk powder, butter, and cheese led the rise.
Seasonally adjusted imports rose 2.8 percent in February 2014.
- Fairfax Media