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Car Imports Rise

Overseas Merchandise Trade (Imports): July 2002

27 August 2002
Car Imports Rise

In July 2002, 19,464 new and used cars with a value of $293 million were imported, the highest monthly value recorded, according to Statistics New Zealand. The highest number was recorded in July 1996 when 20,650 new and used cars (with a value of $224 million) were imported.

Three-quarters of all imported cars originate from Japan and these account for just over half the value of imported cars. Used cars make up about 80 percent of the number and half the value of cars imported from Japan.

The provisional value of merchandise imports is $2,796 million for July 2002. The trend in the merchandise trade balance shows a small deficit with the value of exports declining at a faster rate than imports.

The estimated value of merchandise exports for July 2002 is $2,570 million, resulting in an estimated trade deficit of $226 million, or 8.8 percent of exports, for the month. In the latest 10 years, the monthly July trade deficit, as a percentage of exports, has exceeded 8.0 percent on three other occasions. Detailed statistics for July 2002 merchandise exports will be released on 5 September 2002.

For the year ended July 2002, the provisional value of merchandise imports is $31,869 million, a decrease of 1.3 percent from the previous July year. Excluding items individually valued at $100 million or more, such as large aircraft and ships, the annual decrease in merchandise imports is 0.2 percent. There have been no imports of individual items exceeding $100 million in value since November 2000.

Brian Pink Government Statistician END

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