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

 

Finance: Major Campaign To End "Gross Overtaxation Of Savings"

The campaign – which includes a special web site through which New Zealanders can e-mail their own and other MPs and party leaders – is backed by Age Concern, Consumer NZ, the Financial Services Council and the Taxpayers’ Union. More>>

ALSO:

Scoop Business: Leighton-Led WGP To Build, Manage Transmission Gully

The Wellington Gateway Partnership, led by a unit of ASX-listed Leighton Holdings, has won the $1 billion contract to build the Transmission Gully road north of Wellington. More>>

ALSO:

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news