EN — New Zealand recorded its largest monthly trade surplus on record in April 2026, reaching NZ$1.92 billion, Statistics New Zealand reported on June 6. Exports surged 18.3% year-on-year to NZ$7.84 billion, while imports rose a more modest 6.1% to NZ$5.92 billion.

The standout performer was the dairy sector, with milk powder, butter, and cheese exports climbing 24% to NZ$2.31 billion, driven by strong demand from China and Southeast Asia. Meat and edible offal exports rose 15% to NZ$1.18 billion, while forestry products contributed NZ$620 million, up 11%.

On the import side, petroleum products fell 8.2% as global oil prices moderated, partially offset by a 12% increase in machinery and electrical equipment imports. The goods terms of trade improved 1.7% in the March quarter, marking the third consecutive quarterly gain.

ASB senior economist Mark Smith noted the surplus "reflects remarkably strong commodity prices and robust demand from key Asian markets," adding that the Reserve Bank may reconsider the pace of its easing cycle if export strength persists into the second half of 2026.

ZH — 新西兰统计局6月6日发布数据，2026年4月新西兰实现月度贸易顺差19.2亿纽币，创历史新高。出口同比增长18.3%至78.4亿纽币，进口增长6.1%至59.2亿纽币。

乳制品表现最为亮眼，奶粉、黄油和奶酪出口增长24%至23.1亿纽币，主要受中国和东南亚强劲需求驱动。肉类及可食用内脏出口增长15%至11.8亿纽币，林产品出口增长11%至6.2亿纽币。

ASB高级经济学家马克·史密斯指出，这一顺差"反映了异常强劲的大宗商品价格和关键亚洲市场的旺盛需求"，若出口强势延续至2026年下半年，储备银行可能重新考虑降息步伐。

Source: Statistics NZ