New Zealand posted its fourth consecutive trade surplus since February, due to a sharp fall in imports and higher sales to China.
Statistics New Zealand figures released on Monday show the surplus for May stood at $858 million, or 21.7% of exports.
It is the largest trade surplus, when measured as a percentage of exports, since 1993.
The May figure reflected large falls in the number of imported cars, and in imports of petroleum and petroleum products.
This contributed to a 20.7% fall in total imports during May to $3.1 billion compared to the same month a year previously.
Exports rose 5.8% compared to a year ago to $4 billion, with China accounting for 80% of the increase, led by milk powder, butter, cheese, logs and wood products.
On an annual basis, the trade shortfall narrowed to $3 billion.
