New Zealand March Trade Surplus Hits NZD 698M, Crushing Expectations

New Zealand posted a March goods trade surplus of NZD 698 million, far exceeding forecasts of NZD 175 million, fueled by exports surging 7.3% yoy to NZD 7.9 billion with Australia up 38% and China up 11%. Imports climbed 9.6% yoy to NZD 7.2 billion, confirming earlier reports of monthly gains in both from February alongside a surplus. The blowout supports NZD sentiment and potential NZDUSD upside, but rising imports hint at domestic inflation pressures complicating RBNZ outlook. Traders eye near-term bullish momentum amid resilient external demand.