Imports rise in July
Imports rise in July – Media release
26 August 2013
The value of imported goods rose $676 million (17 percent) to $4.6 billion in July 2013, compared with July 2012, Statistics New Zealand said today. The main contributors to this were aircraft and parts, up $255 million, and crude oil, up $200 million.
"Higher goods imports led to a deficit of $774 million, the largest for a July month since 2008," industry and labour statistics manager Louise Holmes-Oliver said. "July months normally have trade deficits, but there were small trade surpluses in July 2011 and 2012."
The value of exported goods fell $196 million (4.8 percent) to $3.8 billion. The main contributors to this were crude oil, down $141 million, and milk powder, butter, and cheese, down $137 million. This was partly offset by logs, wood, and wood articles, up $65 million.
The trade balance for July 2013 was a deficit of $774 million (20 percent of exports). The largest deficit in the previous five July months was $797 million (23 percent of exports) in 2008. Similar to July 2013, the value of goods imported in July 2008 was influenced by the value of crude oil, and machinery and equipment.
After removing seasonal effects, values for imported goods rose 12 percent, and exported goods decreased 5.9 percent in July 2013, compared with June 2013.
Overseas merchandise trade statistics remain provisional for the first three months after data is first released. For more information, see Why overseas merchandise trade data can change.