New Zealand posted a July monthly trade surplus for the first time in five years, as a recovery in dairy export prices helped boost exports, Statistics New Zealand said on Thursday. July's trade surplus of NZ$85 million was a far cry from July 2016's NZ$351 million deficit, which was in part due to the importation of a large aircraft.
"July months are typically deficits," said Tehseen Islam, an overseas trade manager at the Ministry of Trade. "This is the first July surplus since 2012 and only the 11th July surplus since 1960." Exports jumped 17 percent in July versus a year ago, led by higher prices across commodities, particularly milk powder, butter and cheese. International dairy prices at auctions rose sharply in the second half of 2016, but have moderated in recent months after a rally earlier this year.
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