Quarterly Imports Rise 6.2 Percent

Quarterly Imports Rise 6.2 Percent

The seasonally adjusted value of merchandise imports rose 6.2 percent in the June 2004 quarter, according to Statistics New Zealand. This follows a rise of 7.2 percent in the March 2004 quarter. Most of the main broad economic categories rose during the latest quarter, with the exception of industrial transport equipment and passenger motor cars.

The quarterly import trend has increased 14.2 percent since the September 2003 quarter, after being flat since the December 2000 quarter. The quarterly value of the New Zealand dollar, measured by the trade weighted index, fell 4.4 percent during the June 2004 quarter. This follows a 40.0 percent rise since the December 2000 quarter.

Intermediate goods were the main contributor to the rise in the seasonally adjusted value of imports for the June 2004 quarter, with an increase of 13.9 percent. Crude oil; iron and steel; and rubber were the main contributors. Diesel, jet fuel and partly refined petroleum; and electrical, office and other machinery also recorded increases during the quarter.

The quarterly value of capital transport equipment fell 55.8 percent, after rising 114.0 percent over the previous four quarters. Large aircraft were the main contributor to the fall in this category, with a value of $26 million in the June 2004 quarter, compared with $408 million in the previous quarter. With large aircraft excluded, this category would be 0.8 percent higher than the March 2004 quarter.

The provisional value of merchandise imports for the month of June 2004 is $3,101 million, up $605 million or 24.3 percent compared with June 2003. The main contributors to the higher value of imports for this month were petroleum and crude oil; machinery and equipment; and armoured motor vehicles. The estimated value of merchandise exports for June 2004 is $2,702 million, resulting in an estimated trade deficit of $399 million or 14.8 percent of exports. Detailed exports information will be released on 5 August 2004.

Brian Pink

Government Statistician

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