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Exports fall in June quarter

Exports fall in June quarter

24 July 2014

The seasonally adjusted value of goods exported fell 7.4 percent to $12.4 billion in the June 2014 quarter, Statistics New Zealand said today. This follows a 0.9 percent increase in the March 2014 quarter, and large increases for the September 2013 and December 2013 quarters.

“Exports growth seen in late 2013 was driven by rising dairy prices,” international statistics manager Jason Attewell said. "Falling dairy values this quarter contributed to a fall in total exports."

Milk powder, butter, and cheese led the fall in exports, down 8.1 percent ($335 million), although quantities were only down 1.4 percent. Logs, meat, and fruit also had falls in both values and quantities, however values and quantities fell in similar proportions.

Seasonally adjusted imports increased 0.5 percent ($66 million), led by intermediate goods. There was a trade deficit in the June quarter of $146 million, equivalent to 1.2 percent of exports.

Year ended June 2014
Goods exports were up $5.5 billion to $51.2 billion from the June 2013 year. This increase was almost entirely driven by milk powder, butter, and cheese. For the same period, goods imports were up $3.5 billion to $50.0 billion. The trade balance for the year ended June 2014 was a surplus of $1.2 billion (2.3 percent of exports).

“New Zealand’s two-way goods trade (exports + imports) for the June 2014 year was valued at $101.2 billion,” Mr Attewell said. “Our two-way trade reached $100 billion for the first time in the year ended May 2014.”

June 2014 month
Goods exports were up $191 million to $4.2 billion when compared with June 2013. Goods imports were up $314 million to $3.9 billion. In the June 2014 month, there was a trade surplus of $247 million (5.9 percent of exports).

New Zealand's international trade
Overseas merchandise trade statistics measure the goods component of international trade. For a complete picture, this release should be viewed with international trade in services figures, released as part of Balance of Payments and International Investment Position.

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

ENDS

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