Total exports rise despite fall in dairy

Total exports rise despite fall in dairy

29 January 2015

The seasonally adjusted value of goods exported rose 0.9 percent to $12 billion in the December 2014 quarter, Statistics New Zealand said today.

The rise in total exports was led by meat, up 15 percent ($210 million). Meat quantities rose 4.6 percent.

"Meat export values and quantities are hitting new highs on the back of higher beef prices," international statistics manager Jason Attewell said. "Combined with an increase in other exports, particularly logs, total exports rose despite a fall in dairy products."

Seasonally adjusted milk powder, butter, and cheese exports fell 9.5 percent ($328 million) in the December 2014 quarter, with quantities up 2.6 percent. Values have fallen 26 percent since the peak in December 2013. The fall in recent quarters was price driven.

Seasonally adjusted imports showed little change, down 0.2 percent to $13 billion. The seasonally adjusted trade balance for the December 2014 quarter was a deficit of $904 million, equivalent to 7.4 percent of exports.

Year ended December 2014

Goods exports were up $2.1 billion to $50 billion from the December 2013 year. This increase was led by milk powder, butter, and cheese, due to whole milk powder, up 8.6 percent ($575 million).

Whole milk powder exports to Algeria rose $279 million but fell $265 million to China.

"Total exports to China for 2014 rose $26 million and finished just $9 million short of $10 billion," Mr Attewell said.

For the same period, goods imports were up $2.9 billion to $51 billion. This was influenced by a number of aircraft imports. The trade balance was a deficit of $1.2 billion (2.3 percent of exports).

Additional commentary on the December 2014 year will be available in the next edition of Global New Zealand, due for release in May 2015.

December 2014 month

Goods exports fell $325 million to $4.4 billion compared with December 2013. Goods imports rose $325 million to $4.6 billion. In the December 2014 month, there was a trade deficit of $159 million (3.6 percent of exports).

For more information about these statistics:

• Visit Overseas Merchandise Trade: December 2014

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