New Zealand Trade Surplus Narrows in May on Falling Exports
In May of 2013, New Zealand trade surplus narrowed to NZD 71 million, from NZD 255 million a year earlier, mainly due to a fall in crude oil exports. Shipments to Australia and United States led the fall, which was partly offset by the increase to China.
6/27/2013 12:41:12 AM
The value of exported goods fell NZD 347 million (7.8 percent) to NZD 4.1 billion in May of 2013, compared with May of 2012. This reflected a decrease in exports to four of top five export partners. However, exports to China, also one of top five partners, rose NZD 89 million.
Crude oil led the fall in exports to Australia; the United States decrease was led by beef; while the rise in exports to China was led by pine logs.
Crude oil exports decreased NZD 100 million (48 percent), with quantities down 39 percent. Milk powder, butter, and cheese, the main export commodity, rose NZD 14 million (1.5 percent).
The value of imported goods fell NZD 163 million (3.9 percent) to NZD 4.0 billion. Contributing to this fall were petrol and avgas, down NZD 100 million, and mechanical machinery and equipment, down NZD 85 million.
For the three main economic categories, the value of intermediate goods and capital goods fell while consumption goods rose.
After removing seasonal effects, exports decreased 2.7 percent in May of 2013, compared with April of 2013. Meat and edible offal led this decrease. Seasonally adjusted imports fell 1.2 percent in May of 2013.