Large deficit in goods traded for August
Large deficit in goods traded for August – Media release
25 September 2013
The balance of traded goods for August 2013 was a deficit of $1.2 billion, Statistics New Zealand said today. This is the largest deficit for any August month and is 47 percent larger than the deficit for August 2012. August months normally have trade deficits, and have been in deficit since 1991.
“The large trade deficit was driven by an increase in imported goods, which were at their highest value for any August month,” industry and labour statistics manager Louise Holmes-Oliver said. “These record levels for the imports and trade deficit were influenced by a one-off large capital import item.”
The value of imported goods rose $398 million (9.7 percent) to $4.5 billion. All three broad economic categories were up, with capital goods increasing the most (up $283 million). Passenger vehicles also contributed to the increase (up $95 million). Excluding large one-off import items, imports would be the highest value for any August month.
The value of exported goods showed little change, up $19 million (0.6 percent) to $3.3 billion. This was led by logs, wood, and wood articles (up $120 million), and aluminium and aluminium articles (up $45 million). Partly offsetting these increases were crude oil (down $47 million) and fruit (down $40 million).
After removing seasonal effects, the value for imported goods fell 2.5 percent, and for exported goods rose 2.1 percent in August 2013, compared with July 2013.
Overseas merchandise trade uses New Zealand Customs Service's data to measure goods as they enter or exit New Zealand's economic territory. This contrasts with the goods trade that the balance of payments measures, which takes into account the change of ownership of these goods whether or not the goods enter or exit New Zealand's border.