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Export Values Strengthen

Overseas Merchandise Trade: February 2000

Export Values Strengthen

Export values released today by Statistics New Zealand show the latest six-month period recorded the strongest growth since the six months ended August 1992. For the month of February 2000, the provisional value of merchandise exports was $2,262 million compared with $2,235 million for imports. The trade balance was a surplus of $28 million. During the last 10 years the trade balance for the month of February has varied from a deficit of $157 million, recorded for February 1992, to a surplus of $308 million recorded for February 1995.

The provisional value of merchandise exports for the year ended February 2000 was $24,206 million, up 8.0 per cent from the previous year ended February. This growth was assisted by the low New Zealand dollar and strengthening commodity prices. The value of merchandise imports rose by 16.4 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 February 2000 the destinations contributing the most to the annual growth in exports were Australia, the United States of America, the United Kingdom and the Republic of Korea.

For the year ended February 2000, the provisional merchandise trade balance was a deficit of $3,341 million compared with a deficit of $1,256 million for the previous year ended February. Large aircraft and ships, which cost $100 million or more each, contributed $916 million to imports in the year ended February 2000 compared with $670 million in the previous February year. Included in the year ended February 2000 figure is $631 million for the frigate HMNZS Te Mana.


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