New Zealand trade surplus increased in June

New Zealand posted a merchandise trade surplus of NZ$127 million in June, Statistics New Zealand said on Tuesday - representing 3.0 percent of exports.

The headline figure missed expectations for a surplus of NZ$150 million and was down from NZ$358 million in May.

Exports came in at NZ$4.26 billion, beating forecasts for NZ$4.22 billion and down from NZ$4.57 billion in the previous month.

Imports were at NZ$4.13 billion - matching forecasts and down from NZ$4.22 billion a month earlier.

For the second quarter of 2016, Goods exports jumped 5.8 percent to NZ$12.7 billion. Meat and edible offal led the rise in exports, up 8.3 percent (NZ$125 million).

Goods imports added 0.5 percent to NZ$12.8 billion. Capital goods led the rise in imports, up 15 percent (NZ$361 million). Intermediate goods fell 3.8 percent (NZ$198 million).

The quarterly trade deficit was NZ$173 million (1.4 percent of exports), and it marked the ninth consecutive quarterly trade deficit since March 2014.

Year to date, the trade deficit is NZ$3.313 billion versus forecasts for NZ$3.30 billion after showing a NZ$3.633 billion shortfall a month earlier.