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

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news