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

 

Myrtle Rust: Infections Found At 26 Sites

The affected properties include private gardens, plant nurseries and retailers and an orchard. The stats stand at: 21 properties in Taranaki, 3 in Northland and 2 in Waikato. More>>

Burgers To America: BurgerFuel Opens In The USA

BurgerFuel Worldwide are excited to announce the opening of their first USA based restaurant in Indianapolis, hot off the back of the Indy 500. More>>

English On Budget: Businesses Over-Egg Corporate Tax Cuts

Cutting New Zealand's 28 percent corporate tax rate is "not a panacea in the way business groups sometimes market it," says Prime Minister Bill English. More>>

ALSO:

Auckland Port To Recapture Gas: Union Calls On Ports To Stop Spewing Methyl Bromide

The Maritime Union of New Zealand welcomes the decision by Ports of Auckland to stop releasing methyl bromide emissions into the air. The move to fully recapture the toxic gas after fumigation sets a new benchmark for industry best practice. More>>

ALSO:

Retail: Banks Shoes Calls In Receiver

Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More>>

ALSO: