Latest Statistics Confirm November Export Growth

Overseas Merchandise Trade (Exports): November 2000

The updated value of merchandise exports for November 2000 is $2,790 million, according to latest figures released by Statistics New Zealand. This is $50 million more than the early estimate released on 21 December 2000. Merchandise imports were $3,206 million, giving an updated trade deficit of $416 million for the month.

The latest statistics indicate that the monthly trend value for merchandise exports is rising at a faster rate than the monthly trend for merchandise imports. This pattern has been maintained since November 1999, resulting in a progressive reduction of the trade deficit.

The updated value of merchandise exports for the year ended November 2000 is $28,595 million, up 22.6 per cent from the previous November year. The updated merchandise trade balance for the year ended November 2000 is a deficit of $2,607 million. Despite the inclusion of the frigate HMNZS Te Mana ($631 million) in this latest figure, it is similar to the deficit for the previous November year.

For the year ended November 2000, Australia, the United States of America and Japan were our top three export markets and contributed 51.1 per cent of the annual growth. The commodities contributing the most to annual growth in exports were milk powder, butter and cheese; meat and edible offal; and logs, wood and wood articles, followed by casein and caseinates, electrical machinery and wood pulp and waste paper. The combined annual increase from these six commodities was $2,568 million, which accounted for 48.7 per cent of the total annual increase for exports.

Overseas merchandise trade statistics are provisional for three months to allow for the inclusion of new and amended information.

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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