Goods exports rise in May

Goods exports rise in May

27 June 2014

The value of exported goods rose to $4.6 billion in May 2014, up $528 million (13 percent) compared with May 2013, Statistics New Zealand said today.

“Goods exports are high this month compared with May 2013,” international statistics manager Jason Attewell said. “However, it appears the growth in exports seen in the past year has levelled off.”

Exports to China, our main goods export partner, were up $204 million to $868 million in May 2014. This was led by milk powder, crude oil, and sheepmeat. This is the first shipment of crude oil to China since July 2009.

The continued growth of exports to China has resulted in the two-way trade of goods (exports plus imports) reaching $20.1 billion for the first time in the year ended May 2014. This was up $4.7 billion from the previous year, with exports contributing $4.0 billion to this increase.

The value of imported goods rose $283 million (7.0 percent) to $4.3 billion. Capital goods led the rise, up $186 million. This was led by trucks, cranes, and excavators.

The trade balance for May 2014 was a surplus of $285 million (6.2 percent of exports). This compares with an average surplus of 12 percent of exports over the previous five May months.

Seasonally adjusted exports rose 0.5 percent in May 2014 compared with April 2014. Seasonally adjusted imports rose 2.9 percent.

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 on the Statistics NZ website.

For more information about these statistics: Visit Overseas Merchandise Trade: May 2014

ENDS

© Scoop Media