Michael Gordon, an analyst at Westpac, notes that New Zealand's economy recorded a modest $433m trade surplus in April.

• The result was close to expectations, though we saw some risk of a lower number as payback for the surprisingly large $824m surplus in March (which itself was revised down from $922m).
• April is usually at or near the seasonal peak for the trade balance. In seasonally adjusted terms, the country recorded a $348m deficit in April, after a $75m surplus in March.
• Exports were down 7.8% in seasonally adjusted terms, reversing most of the upward spike in March.
• Seasonally adjusted imports were flat for the month. Petroleum imports rose, reflecting the recent lift in world oil prices. Imports of capital equipment were weaker.