January 30, 2013

Following a rise of 4.4% in the September 2012 quarter, New Zealand's December 2012 quarter's seasonally adjusted value of exported goods fell 3.3%.

"Seasonally adjusted dairy exports led the fall in exports in the December 2012 quarter," New Zealand's industry and labour statistics manager Louise Holmes-Oliver said. "Milk powder, butter, and cheese exports fell 12%, with quantities down 15%."

The seasonally adjusted value of imported goods decreased 1.5% for the second consecutive quarter. The seasonally adjusted trade balance for the December 2012 quarter was a deficit of US$87 million, equivalent to 0.8% of exports. This follows a US$128 million deficit for the September 2012 quarter.

For the December 2012 month, export values decreased US$217 million (5.1%) compared with December 2011, and imports decreased US$403 million (10%).

The trade balance for the December 2012 month was a surplus of US$486 million (12% of exports). This is the largest trade surplus recorded for a December month as a percentage of exports since December 1991.

For the year ended December 2012, merchandise exports were down US$1.7 billion to US$46 billion. Exports to Australia fell US$1.0 billion and were almost offset by a rise in exports to China of US$975 million. Imports for the December 2012 year rose US$339 million to US$47 billion.