June quarter export volumes jump

June quarter export volumes jump

1 September 2016

The volume of goods New Zealand exported rose 10 percent in the June 2016 quarter, after adjusting for usual seasonal patterns, Statistics NZ said today. Export volumes are at their highest levels since the series began in 1990.

Dairy products made the largest contribution to the rise in export volume, with the seasonally adjusted volume up 13 percent. The volume for dairy is at its highest level since the September 2012 quarter, when 832,000 tonnes of dairy was exported. Meat, forestry, and fruit export volumes also rose this quarter.

New Zealand exported 796,000 tonnes of milk powder, butter, and cheese this quarter, after adjusting for usual seasonal patterns.

“While the amount of goods New Zealand exported this quarter was at record levels, price falls for key commodities meant the amount that we earned from exports was little changed,” international statistics senior manager Jason Attewell said. “We sent more tonnes of dairy products this quarter than we have in the last four June quarters, but prices for these goods fell.”

This rise in export volumes, especially for dairy products, more than offset a 1.9 percent fall in export prices in the quarter. That meant the total export value was actually up more than 7 percent for the June quarter. The fall in export prices was led by dairy prices, which fell by 7.1 percent. Both overall export prices and dairy prices are at their lowest level since the December 2009 quarter.

Import prices rose by 0.2 percent, influenced by crude oil. This left the terms of trade down 2.1 percent in the June quarter.

For more information about these statistics:
• Visit Overseas Trade Indexes (Prices and Volumes): June 2016 quarter (provisional)

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