In January 2016 there was a goods trade surplus of $8.1 million (0.2 percent of exports), and an annual trade deficit of $3.6 billion.
The total value of goods exported was $3.9 billion, up $217 million (5.9 percent) from January 2015. Exports of milk powder, butter, and cheese, as well as cherries, propelled China further ahead of Australia as New Zealand’s top export destination in January 2016. The value and quantity of cherry exports rose to new record highs as the 2015/16 cherry season neared its end. The value rose $19 million (51 percent), and the quantity rose 30 percent, to 2,668 tonnes. The value and quantity of cherry exports are anticipated to further increase in February 2016 with the closing of the cherry season.
The total value of goods imported in January 2016 was $3.9 billion, up $261 million (7.2 percent) from January 2015. The biggest rise in imports was in intermediate goods, up $140 million (8.9 percent). This was followed by a large rise in consumption goods imports, up $111 million (12 percent). Imports of capital goods fell $34 million (4.4 percent). The rise in intermediate goods imports was offset by a large fall in crude oil, down $96 million. The quantity of crude oil imported fell 7.9 percent. Excluding crude oil, imports of intermediate goods rose $236 million (18 percent).