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Seasonally Adjusted Exports Rise 9.1 Percent

Seasonally Adjusted Exports Rise 9.1 Percent

The seasonally adjusted value of merchandise exports rose 9.1 percent in the June 2004 quarter, according to Statistics New Zealand. This is the largest percentage increase since the December 2000 quarter. The exchange rate depreciated 4.4 percent during the quarter, assisting export prices. The underlying trend for the value of merchandise exports has been rising since the September 2003 quarter.

Eight of the top 10 export commodity groups recorded rises in their seasonally adjusted values during the current quarter. The main contributors to the overall rise were meat; aluminium and aluminium articles; mechanical machinery and equipment; and fruit. The two groups which recorded lower seasonally adjusted values were casein and caseinates; and logs, wood and wood articles.

The seasonally adjusted value of meat exports increased 7.7 percent during the June 2004 quarter, despite the seasonally adjusted quantity of meat exports falling during the same period. During the June 2004 quarter, the value of exported aluminium and aluminium articles increased 21.4 percent, while the quantity exported rose 8.8 percent. The seasonally adjusted exports value for mechanical machinery and equipment also increased, by 12.5 percent.

The updated value of merchandise exports for the June 2004 month is $2,700 million, which is $438 million (or 19.4 percent) higher than for June 2003. The merchandise imports value for June 2004 is $3,101 million, resulting in an updated trade deficit of $401 million, or 14.9 percent of exports.

For the year ended June 2004, the updated value of merchandise exports is $29,877 million, which is 2.0 percent higher than for the year ended June 2003. The updated annual trade deficit stands at $3,514 million, or 11.8 percent of exports.

Brian Pink Government Statistician END

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