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

 


Soaring dairy exports drive NZ trade surplus in December

Soaring dairy exports drive NZ trade surplus in December

Jan. 31 (BusinessDesk) - Surging dairy exports underpinned New Zealand’s trade surplus in December, as primarily Chinese demand for milk products lifted overall exports.

The trade balance was a surplus of $523 million in December, in line with expectations, from a surplus of $183 million in November, and $535 million a year earlier, according to Statistics New Zealand. The total value of exports rose 16 percent to $4.76 billion in December from a year earlier, underpinned by a 48 percent gain in foreign sales of milk powder, butter and cheese to $1.89 billion. Imports rose 19 percent to $4.24 billion.

The annual trade balance was a deficit of $259 million in 2013, narrowing the $1.16 billion shortfall in 2012. Annual exports rose 4.4 percent to $48.09 billion, and imports increased 2.9 percent to $48.35 billion.

High commodity prices are one of the factors supporting New Zealand’s strong economic momentum, with seemingly insatiable Chinese demand for dairy products.

China became the country’s biggest trading partner in 2013, toppling Australia in November, taking annual exports of $9.96 billion compared to $6.86 billion in 2012, and delivering imports of $8.26 billion, up from $7.71 billion a year earlier. Monthly exports to China jumped 67 percent to $1.36 billion in December.

Exports to Australia fell 8.3 percent to $778 million in December from a year earlier, while sales to the US slipped 3.2 percent to $379 million.

Annual exports of milk powder, butter and cheese climbed 176 percent to $13.41 billion, while casein and caseinates rose an annual 8.2 percent to $949 million. They account for about 30 percent of the country’s total exports.

Meat and edible offal exports rose 4 percent to $472 million for an annual lift of 2.2 percent to $5.28 billion. Logs, wood and wood articles exports advanced 28 percent to $345 million for an annual increase of 22 percent to $3.86 billion.

Exports of crude oil, which were the fourth biggest commodity sold in 2012, dropped 22 percent to $1.44 billion in 2013, making it the sixth biggest commodity.

New Zealand imports of petroleum and products fell 2.5 percent in 2013 to $8.13 billion, while vehicles, parts and accessories rose 13 percent to $5.83 billion. Mechanical machinery and equipment imports were flat at $6.06 billion in the year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Auckland Port Study: Port To Ship Out – No Departure Date

Interest groups in Auckland and its waterfront chose a group of representatives to determine the future of the port. Their consensus is that the Port is going to have to move but not before a credible location is confirmed... More>>

ALSO:

Tax: GST Threshold For Online Purchases Won't Lower Before 2018

The government wants to lower the threshold on online purchases which qualify for GST from mid-2018, but says more work is needed and there will be no change without public consultation. More>>

ALSO:

North Canterbury: Government Extends Drought Classification

The government has extended a drought classification for the eastern South Island until the end of the year, meaning the area will have officially been in drought for almost two years, the longest period for such a category. More>>

ALSO:

Negotiations Fail: Christchurch Convention Centre Build To Proceed Without PCNZ

After protracted negotiations, the government has ditched the construction consortium it picked to build Christchurch's replacement convention centre, which it now anticipates delivering at least two years behind the original schedule. More>>

ALSO:

Other Centres' Convention Centres:

Ruataniwha: Greenpeace Launches Legal Challenge Against $1b Dam Plan

Greenpeace NZ is launching a legal challenge against a controversial plan to build a dam that’s set to cost close to $1 billion and will pollute a region’s rivers. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news