January 10, 2012

Crude oil, fertilisers lead New Zealand's import hike

Statistics New Zealand has announced that the values of imported and exported goods were both higher in November 2011 against the same period of the previous year.

"Crude oil and fertilisers were key contributors to the 10% rise in imports," overseas trade manager Stuart Jones said. "The value of imports increased US$382 million to US$4.2 billion."

Exports increased US$251 million (6.8%) to US$3.9 billion, mainly due to an increase in milk powder, butter, and cheese exports.

The trade balance for November 2011 was a deficit of US$308 million (7.9% of exports). The November trade balance is normally a deficit, with an average deficit of 16% of exports for the previous five November months. For the year ended November 2011, the trade balance was a surplus of US$555 million. The trend for exports remains at record levels, 27% higher than the most recent low point in October 2009. The trend for imports is up 24% since its most recent low point in September 2009, but is still 7.5% below its peak in September 2008.

Seasonally adjusted exports decreased 4.6% (US$189 million) in November 2011 compared with October 2011. Seasonally adjusted imports showed little change, up 0.2% (US$8.7 million) over the same period.