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

 


Record December trade surplus, despite exports falling

Record December trade surplus, despite exports falling

Jan. 29 (BusinessDesk) - New Zealand recorded its biggest December month trade surplus since 1991 as imports, particularly of aircraft, fell more sharply than exports.

The trade surplus was $486 million in December, equal to 12 percent of exports, roughly 10 times the average surplus of $49 million for December in the previous five years, Statistics New Zealand said.

The headline result masks an underlying fall in exports for the month of December, led by receipts from dairy products,

Traders expected a $105 million deficit but the NZ dollar sat unchanged at 83.30 US cents after the data was released in a market awaiting an official cash rate announcement on Thursday.

The surplus is the largest for a December month as a percentage of exports since December 1991.

The strong December surplus helped reduce the trade deficit for the December quarter to $87 million.

Exports fell 5.1 percent in the December month compared to December 2011, reflecting a 5.3 percent fall in the value of exports of milk powder, butter and cheese, a 17 percent fall in exports of logs and wood and wood products and a 97 percent fall in exports of prefabricated buildings.

The picture was lumpier on the import side where an 89 percent fall in the value of imports of large aircraft and helicopters from France helped reduce imports in December by 10 percent.

The value of imports of petroleum and products fell by 31 percent but the value of vehicle imports rose by $49 million.

New Zealand had a trade deficit of $1.2 billion in the December year, equal to 2.6 percent of exports.

“This compares with an average deficit of 4.9 percent over the previous five December years, although there were surpluses in the December 2010 and 2011 years,” Statistics New Zealand said.

In the year ended December exports fell $1.7 billion, or 3.5 percent, from a year earlier and imports rose $399 million, 0.7 percent.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news