Dairy continues to drive exports down

Dairy continues to drive exports down

24 October 2014

The seasonally adjusted value of exported goods fell 3.0 percent, to $12 billion, in the September 2014 quarter, Statistics New Zealand said today. Imports rose 3.7 percent, to $13 billion.

The fall in exports in the latest quarter follows a 7.5 percent fall in the June 2014 quarter. Falls for both quarters were led by milk powder, butter, and cheese; and logs, wood, and wood articles.

"This is the first quarter since September 2013 where exports to Australia were greater than to China,” international statistics manager Jason Attewell said. "China's rise to being our number one export market coincided with record dairy exports (driven by both prices and volumes) in the year to the September 2014 quarter."

The rise in imports was led by capital goods, mainly influenced by imports of large aircraft in the September 2014 quarter. Excluding these aircraft, seasonally adjusted imports showed little change, at 0.2 percent.

The seasonally adjusted trade balance for the September 2014 quarter was a deficit of $1.0 billion, equivalent to 8.6 percent of exports.

For the September 2014 month, import values increased $927 million (23 percent) compared with September 2013, while exports fell $203 million (5.3 percent). The trade balance for the September 2014 month was a deficit of $1.4 billion (37 percent of exports).

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

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

ENDS

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