Dairy Products Boost New Zealand’s Export Growth

New Zealand’s dairy sector contributed a rise of 23% to the country’s NZD$39.55bn annual export growth, according to a new report.

The value of shipped milk powder, butter and cheese rose 19% to NZD$969m in the quarter, marking the biggest quarterly jump for the commodity group since 2007, Statistics New Zealand said.

New Zealand’s trade surplus widened in March as shipments of dairy products helped push the value of exports to more than NZD$4bn for only the second time on record.

The surplus was NZD$567m, up from a revised NZD$335m in February, according to Statistics New Zealand data, beating expectations of a NZD$380m surplus.

China accounted for NZD$3.8bn, or 9.6% of annual exports, while exports to Australia rose 3% in March to NZD$946m.