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

 


Record dairy and oil boost exports

26 November 2007

Record dairy and oil boost exports

The total value of merchandise exports in October 2007 rose more than a quarter compared with October 2006, Statistics New Zealand said today. The main contributors to this increase were milk powder, butter and cheese, and crude oil – both increased to record monthly levels. Milk powder, butter and cheese exports increased $328 million from October 2006, reaching a record value of $878 million. Quantities were also up on October 2006, but to a much lesser extent, indicating higher export prices. Recent increases in domestic oil production continued to flow through into exports, with petroleum and products increasing $251 million from October 2006.

Merchandise imports were valued at $4.1 billion, the first time in any month that imports have exceeded $4 billion. This represented a 5.7 percent rise from October 2006, which was previously the highest figure on record for any month.

In October 2007, the monthly trade balance was a deficit of $690 million, almost half a billion dollars less than in October 2006. However, to put this in context, October 2006 had the highest deficit on record for an October month (boosted by large irregular imports), while the average October trade balance over the past decade is a deficit of $607 million.

It is typical for the October month to be in deficit – it has been in every year since 1961. Geoff Bascand Government Statistician 26 November 2007

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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: 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>>

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:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news