The quarter’s figures also achieved more than $50b of exports in a year for the first time, achieved on the back of record dairy exports.
All exports in the latest quarter were up 2.1% to $13.6b Statistics New Zealand said today.
“Meat and fruit led the increase in seasonally adjusted exports,” international statistics manager Jason Attewell said.
“This is the second consecutive quarter that both values and quantities for these two commodities have risen.”
Seasonally adjusted meat values rose 8.7% in the March quarter and quantities rose 6.8%. Fruit values rose 27% and quantities rose 20%.
The rise in meat and fruit was offset slightly by a fall in milk powder, butter and cheese, down 2.4%.
The fall in dairy follows 26% increases in both the September and December 2013 quarters.
Despite the small fall this quarter, dairy remained at high levels and was the leading contributor at 31% of total exports.
Imports rose 1.5% to $12.5b in the March 2014 quarter. The increase was led by a rise in capital goods.
The seasonally adjusted trade balance for the March 2014 quarter was a surplus of $1.1b. This follows a surplus of $986 million in the December 2013 quarter.
Exports rose $671m in March to $5.1b, the first time a month’s exports have exceeded $5b.
Milk powder, butter and cheese led the rise in exports, up $474m or 45% compared with March 2013.
“This is the first time monthly exports have exceeded $5b and annual exports have exceeded $50b,” Attewell said.
“Record dairy exports pushed the values past these thresholds.”
Imports rose $483m or 13% to $4.2b, which was influenced by a one-off large capital item. The trade surplus was $920m. This is the highest recorded surplus for a March month.
These figures relate to the goods component of trade. A complete picture will emerge with the international trade in services figures to be released on June 18 as part of the Balance of Payments and International Investment Position.
