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

 


Value of December Quarter Imports Falls


Value of December Quarter Imports Falls

The seasonally adjusted value of imports for the December 2003 quarter fell 1.0 percent, when compared with the September 2003 quarter, according to Statistics New Zealand. Over the past three years, the import trend has remained relatively flat as the New Zealand dollar has generally appreciated. A higher exchange rate generally has a downward influence on import prices and may lead to an increase in quantities of imported commodities.

Contributing to the lower seasonally adjusted value of imports were intermediate goods, motor spirit and passenger motor cars. These falls were mostly offset by a rise in value for transport equipment; plant, machinery and equipment; and durable consumer goods.

The provisional value of merchandise imports for the December 2003 month is $2,806 million, up 5.6 percent when compared with December 2002. The estimated value of exports for December 2003 is $2,300 million, resulting in a trade deficit of $506 million or 22.0 percent of exports. The average trade deficit for the past 10 December months was 5.5 percent of exports.

Both the imports and exports trends indicate rising values in recent months. Detailed exports statistics will be released on 10 February 2004.

The provisional value of merchandise imports for the year ended December 2003 is $31,790 million, a decrease of 1.7 percent from the previous year. Mechanical machinery and equipment; plastic and plastic articles; textiles and textile articles; and aluminium oxide were the main contributors to the lower value of imports.

The estimated value of merchandise exports for the year ended December 2003 is $28,390 million, resulting in an estimated trade deficit of $3,400 million or 12.0 percent of exports.

This is the second largest recorded deficit as a percentage of exports in the last ten years. In 1999, the frigate HMNZS Te Mana, valued at $632 million, was imported as well as another vessel and an aircraft, each valued at over $100 million. This contributed to a deficit that was 15.0 percent of exports for that year. With these large import items excluded, the trade deficit for the year ended December 1999 would have been 10.7 percent of exports.

Brian Pink

Government Statistician

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news