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Dairy Exports Rise

Dairy Exports Rise

The updated value of merchandise exports for November 2003 is $2,379 million, according to Statistics New Zealand. This is 3.0 percent lower than the figure recorded for November 2002. However, the underlying trend for the merchandise exports value has been rising over recent months, despite an appreciating exchange rate.

The main contributors to the lower exports value for November 2003 were seafood; wool; casein and caseinates; and meat and edible offal. These falls were partly offset by rises in exports of milk powder, butter and cheese. The export value for ships and boats also rose in November 2003, when compared with November 2002.

This month's export value for milk powder, butter and cheese was $75 million (or 16.7 percent) higher than the November 2002 figure. The main contributors to the rise were whole milk powder, skim milk powder, salted butter and cheddar cheese. Quantities of these export items also increased for November 2003, when compared with November 2002.

The provisional value for merchandise imports for November 2003 is $2,790 million, resulting in an updated trade deficit of $411 million or 17.3 percent of exports. This is similar to the 10-year average of 16.6 percent of exports for a November month.

For the year ended November 2003, the updated merchandise exports value is $28,478 million, down $2,728 million (or 8.7 percent), when compared with the year ended November 2002. This resulted in an updated annual trade deficit of $3,170 million, which is 11.1 percent of exports.

Brian Pink

Government Statistician

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