New Zealand Trade Surplus Widens in June
In June of 2013, New Zealand trade surplus widened to NZD 414 million, from NZD 39 million in May and NZD 289 million a year earlier. While exports declined by 3.9 percent yoy, due to lower shipments of milk, powder, butter and cheese, imports shrank by 7.4 percent due to fall in petroleum shipments.
7/24/2013 10:15:43 AM
Exports were valued at NZD 4.0 billion, down by 3.9 percent from June of 2012. Milk powder, butter, and cheese exports fell 14 percent, with quantities down 26 percent. This was due to whole milk powder, down by 31 percent. Meat and edible offal (New Zealand’s second-largest export commodity) fell 0.2 percent.
The value of exports to Japan went down by 19 percent, led by lower kiwi fruit exports. Shipments to Australia decreased 5.9 percent, led by unwrought gold and exports to Saudi Arabia shrank by 62 percent, led by whole milk powder.
China showed the largest increase, up by 18 percent. Frozen lamb cuts and pine logs led the increase.
Imported goods were valued at NZD 3.6 billion, down by 7.4 percent year-on-year. The value of petroleum and products fell 25 percent yoy, led by decreases in automotive diesel, crude oil and premium motor spirit.
The seasonally adjusted value of exported goods fell 4.7 percent in the June 2013 quarter. This follows a rise of 0.4 percent in the March 2013 quarter. Dairy and meat exports led the fall, with values and quantities down for both. In the same period, the seasonally adjusted value of imported goods increased 1.0 percent.