New Zealand had a merchandise trade surplus of NZ$594 million in February, Statistics New Zealand said on Wednesday.

That exceeded expectations for a surplus of NZ$550 million following the NZ$340 million deficit in January.

Exports were up 4.5 percent on year to NZ$4.90 billion – matching expectations and up from NZ$4.73 billion in the previous month.

Imports tumbled an annual 9.9 percent to NZ$4.3 billion – again roughly in line with forecasts and down from NZ$5.07 billion a month earlier.

Year to date, New Zealand had a deficit of NZ$3.26 billion versus expectations for a NZ$3.418 billion shortfall following the NZ$3.866 billion deficit in the 12 months to January.

The material has been provided by InstaForex Company –