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Annual goods imports reach new high in 2015


Annual goods imports reach new high in 2015


28 January 2016


In December 2015 the value of imported goods was $52.5 billion, a new high for a calendar year, Statistics New Zealand said today. This is up $1.3 billion (2.5 percent) from the December 2014 year. The rise occurred despite a fall of $2.5 billion in the total value of petroleum products.

The rise in imports was broad-based and was led by consumption goods (such as clothing, toys, and games), up $1.5 billion (13 percent). Capital goods rose $526 million, led by machinery and plant (up $452 million). Intermediate goods fell $862 million (3.9 percent), led by a fall of $1.6 billion (33 percent) in crude oil on the back of lower prices. The average price of crude oil in 2015 was about one-third lower than it was in 2014.

“The depreciating New Zealand dollar has an upward effect on import and export prices,” international statistics senior manager Jason Attewell said. “Imports rose $1.3 billion, but exports fell $1.1 billion as the impact of falls in world prices, such as for dairy products, was greater than the upward exchange rate effect.”

Annual exports were valued at $49.0 billion, down $1.1 billion (2.2 percent) from the December 2014 year. Milk powder, butter, and cheese fell $3.0 billion to $11.5 billion, with China accounting for two-thirds of the fall.

Despite the fall in the value of dairy exports, the quantity of milk powder, butter, and cheese rose to a new record high of 2.9 million tonnes (up 2.9 percent from the previous high in 2014). The quantity exported to China was 21 percent of the total in 2015, down from 28 percent in 2014.

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In 2015 there was an annual trade deficit of $3.5 billion (7.2 percent of exports). This is larger than the deficit of $1.2 billion for the December 2014 year, and is the largest December year deficit since 2008.

December 2015 month

Goods exported rose 0.6 percent to $4.4 billion compared with December 2014. The rise was led by logs (up $45 million) and wine (up $32 million). Milk powder, butter, and cheese fell 2.9 percent ($41 million) while the quantity exported rose to a record high of 374,000 tonnes.

In December 2015, imported goods were valued at $4.5 billion, down 2.6 percent ($120 million) from December 2014. There was a trade deficit of $53 million in December 2015.

This release focuses on our goods trade. Goods made up 71 percent of total goods and services and 75 percent of total imports for the year ended September 2015. Goods and Services Trade by Country: Year ended December 2015 will be available on 2 March 2016.


For more information about these statistics:

• Visit Overseas Merchandise Trade: December 2015


ends

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