New Zealand posted a merchandise trade surplus of NZ$264 million in May, Statistics New Zealand said on Tuesday. That beat forecasts for a surplus of NZ$250 million following the NZ$433 million surplus in April. Exports were up 8.5 percent on year to NZ$5.81 billion, also exceeding expectations for NZ$5.61 billion and up from NZ$5.55 billion in the previous month. The leading contributor to the rise was exports of milk powder, butter, and cheese, up NZ$171 million (15 percent) to NZ$1.3 billion. Milk powder rose NZ$155 million (32 percent) in value, and 27 percent in quantity. The average unit value rose 3.9 percent. ... (full story)