Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Overseas Merchandise Trade - March 2000

Data Flash (New Zealand)

Overseas Merchandise Trade - March 2000

Key Points

Revised data pointed to a trade surplus of $21m for the month of March compared to the provisional estimate of a $38m deficit. The annual deficit now stands at $3.4bn.

The upward revision reflected higher than previously estimated export receipts. Provisional import receipts were unchanged from the value reported on 1 May.

Export values in March were 14.4% higher than the same month last year.

For Q1 as a whole, export values were up 5.9% qoq (s.a.).

The contribution of exports of non-food manufactured goods to overall export growth appears to be increasing. Statistics NZ estimate that exports in this sector rose 12.7% qoq (s.a.) in Q1 following growth of 4.8% qoq (s.a.) in Q4.

Exports to Asia and the Asean countries are running in excess of 20% higher than the same month last year. Exports to the US during March 2000 were up 8% on March 1999. For the quarter as a whole, exports to the US during Q1/2000 were up 32% on Q1/1999.

As previously noted, import values in March were 18.6% higher than the same month last year. The increase was spread throughout most of the main economic categories.


The upward revision to export values and, in particular, increasing signs of stronger export growth in the manufactured sector, provides tentative evidence to suggest that growth in international demand, higher commodity prices and the weak NZD are beginning to impact on export returns in a more substantial way than hitherto has been the case.

The split between growth in volumes and prices will not be known until the Overseas Trade Indexes for Q1 are published in June. We estimate that around 2% of the 5.9% (s.a.) growth in export values during Q1 is due to higher prices, suggesting that volumes have risen by a little under 4%.

We expect the current account deficit to fall marginally to 7.7% of GDP in Q1/2000, compared with 8.0% of GDP in Q4/1999. Thereafter we forecast a marked turnaround in the trade balance to lead to a gradual improvement in the current account deficit. We expect the deficit to narrow to around 6% of GDP by Q4/2001.

Darren Gibbs, Senior Economist, New Zealand

This, along with an extensive range of other publications, is available on our web site

In order to read our research you will require the Adobe Acrobat Reader which can be obtained from their website for free.

For answers to your EMU questions, check Deutsche Bank's EMU web site or email our helpline

© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>