Overseas Merchandise Trade: January 2000

Overseas Merchandise Trade: January 2000

Exports Values Pick Up

Export values released today by Statistics New Zealand show that the latest six-month period had the strongest growth recorded since the six months ended February 1995. For the month of January 2000, the provisional value of merchandise exports was $1,773 million compared with $1,780 million for imports. The trade balance was a deficit of $7 million. During the last 10 years the trade balance for the month of January has varied from a deficit of $251 million, recorded for January 1999, to a surplus of $95 million recorded for January 1993.

The provisional value of merchandise exports for the year ended January 2000 was $23,754 million, up 6.1 per cent from the previous year ended January. This growth was assisted by the low New Zealand dollar and strengthening commodity prices. The value of merchandise imports rose by 15.0 per cent over the same period.

Australia, the United States of America and Japan continued to be our main export destinations. For the year ended January 2000 the destinations contributing the most to the annual growth in exports were Australia, the United States of America, the Republic of Korea and the United Kingdom.

For the year ended January 2000, the provisional merchandise trade balance was a deficit of $3,352 million compared with a deficit of $1,186 million for the previous year ended January. Large aircraft and ships, which cost $100 million or more each, contributed $916 million to imports in the year ended January 2000 compared with $670 million in the previous January year. Included in the year ended January 2000 figure is $631 million for the frigate HMNZS Te Mana.

Len Cook GOVERNMENT STATISTICIAN

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