A trade surplus

The Herald reports:

Strong export commodity prices have enabled the country to record its first annual trade for nearly eight years.

exceeded imports by one-sixth or $656 million last month, $200 million more than the market expected.

It pushed the trade balance for the year ended April into the black, by $116 million, the first annual surplus since July 2002, New Zealand said.

Goldman Sachs JB Were economist Philip Borkin said the most encouraging thing about that was the last time a positive annual trade balance was achieved, the New Zealand dollar was below 50c against the dollar.

An annual trade surplus is rare indeed. And if we look at a graph of the NZ dollar:

Then we realise how unusual it is to have a surplus when the NZ dollar is so high. Thanks goodness for the global commodity price being high.

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