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Low Dairy Exports Moderate Exports Growth

Low Dairy Exports Moderate Exports Growth

The updated value of merchandise exports for October 2004 is $2,492 million, which is 8.8 percent higher than October 2003, according to Statistics New Zealand. Despite the higher value of exports during the current month, exports of dairy products were down $60 million (9.8 percent). Dairy produce is the highest valued commodity exported, accounting for approximately one sixth of the annual exports value.

The trend for the monthly exports value has risen 10.7 percent since August 2003, but has eased over recent months. During the same period, the exchange rate appreciated 9.4 percent, reaching its highest level since April 1997 in October 2004. Exchange rate appreciation generally has a downward influence on export values.

Milk powder, butter and cheese; and casein and caseinates were the two main commodity groups that recorded lower export values during October 2004. The value of exported milk powder was 20.1 percent lower than in October 2003. The quantity of milk powder exported was also down, 28.5 percent lower than in October 2003. The export value of cheddar cheese was 28.8 percent lower than in October 2003, and the quantity exported was down 42.8 percent. These lower values were partly offset by a higher export value and quantity for natural milk constituents.

Belgium, Mexico, the Netherlands and Nigeria were the four main export destinations that recorded lower export values for dairy products during October 2004, compared with October 2003. Partly offsetting these lower export values were higher values for dairy exports to the United States of America, the Philippines, Saudi Arabia and Oman. ƒnƒnExports of large irregular items were the main contributors to this month's higher exports value. These included higher export values for crude oil, large aircraft, and sailboats, compared with October 2003. Kiwifruit was also a significant contributor to this month's higher exports value.

Brian Pink Government Statistician

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