Trade surplus ‘mammoth’

New Zealand benefited from the trade of goods to the tune of $2.2 billion in the year to the end of October, as Covid-19 restrictions on travel cut imports. At the same time, NewZealand sent more of its key products overseas, including dairy products and fruit, although seafood and forestry exports were down. The annual goods trade surpluswas the highest in 28 years, Statistics NZ said yesterday. Imports for the year were down 10 per cent to $58b, and exports rose 1.2 per cent to $60b. ASB economist Nat Keall said said the annual trade surpluswas ‘‘mammoth’’. NewZealand’s trade balance could remain positive for some time, with a growing economic recovery in key market China, and improved prices for key commodities. However, a return to annual deficitswas on the horizon as the coronavirus pandemic receded and economies recovered around the world. Despite positive news on vaccines, trade uncertainties remained amid continuing border restrictions, Keall said. Stock shortageswere likely to worsen in the next fewmonths with global shipping activity above pre-Covid levels, creating long port delays and rising shipping costs.