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

 


NZ turns to a trade gap in July, led by falling log prices

NZ turns to a trade deficit in July, led by falling log prices

By Tina Morrison

Aug. 26 (BusinessDesk) - New Zealand posted its first monthly trade deficit in nine months in July, led by falling prices for export logs and wood products.

Statistics New Zealand said the country had a trade deficit of $692 million in July, bigger than the $475 million deficit forecast in a Reuters poll of economists. Exports in July fell 3.3 percent from the same month a year earlier to $3.7 billion, lower than the $3.98 billion expected by economists in the Reuters poll. Imports dropped 4.8 percent to $4.4 billion, close to the $4.5 billion forecast.

Falling prices for New Zealand pine log exports to China led the export declines. Exports of logs and wood products, New Zealand’s third largest commodity export, fell 16 percent to $282 million in July from the same month a year earlier while volumes were little changed.

While China remained New Zealand’s largest trading partner, the country’s exports to Asia’s largest economy fell 5.4 percent in July to $615 million, led by declines in pine logs and infant food.

Meanwhile, exports of milk powder, butter and cheese, New Zealand’s largest commodity export, rose 0.9 percent to $931 million in July from the year earlier month as quantities rose 16 percent. The rise was led by milk powder, while butter and cheese fell, the statistics agency said.

Exports to Australia, New Zealand’s second largest market, declined 7.1 percent to $687 million in the month over a range of commodities, the agency said.

However exports to the US, the third largest market, jumped 18 percent to $363 million, led by casein and caseinates and frozen beef.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news