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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news