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

 

Car imports reach record high in June

Car imports reach record high in June

26 July 2017

Car imports topped half a billion dollars for the first time in June 2017, Stats NZ said today. Total monthly imports were valued at $4.5 billion, up $319 million (7.7 percent) from June 2016.

Imports of cars led the increase in total imports in June 2017, up $118 million (31 percent) to reach $505 million. New motor cars led this increase, up $86 million in value. This was 2,566 more new cars than in June 2016, and was the 11th consecutive increase in value when compared with the same month of the previous year.

Milk powder, butter, and cheese continue to bolster exports in June

Exports rose $454 million (11 percent) when compared with June 2016, to reach $4.7 billion in June 2017 and boosted by dairy sales, especially to China.

Milk powder, butter, and cheese led the rise, up $372 million (45 percent) to $1.2 billion and up 11 percent in quantity. Dairy exports to China were up both in value (102 percent) and quantity, (63 percent) to reach $373 million.

“The milk powder, butter, and cheese group continues to be a key export commodity, and accounts for over a quarter of our total exports,” international statistics senior manager Daria Kwon said.

The trade balance for June 2017 was a surplus of $242 million (5.1 percent of exports). This is the fourth consecutive surplus.

The annual trade deficit for the year ended June 2017 was $3.7 billion, compared with the $3.8 billion shortfall in the year ended May 2017.

Seasonally adjusted June 2017 quarter exports up over a billion dollars

When compared with the March 2017 quarter, the seasonally adjusted value of exported goods rose $1.2 billion (9.9 percent), to reach $13.5 billion in the latest quarter. Milk powder, butter, and cheese rose 22 percent in value, and 20 percent in quantity.

The value of imported goods was up 2.9 percent ($396 million) in the June 2017 quarter, to $14 billion.

The trade deficit in the June 2017 quarter was $479 million (3.5 percent of exports). This is the 13th consecutive quarterly trade deficit, and follows the largest quarterly shortfall in the March 2017 quarter ($1.3 billion).

For more information about these statistics:

• Visit Overseas Merchandise Trade: June 2017

• See CSV files for download


ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crown Accounts: Slightly Softer Growth Expected In PREFU

A slightly softer growth forecast is the main feature of largely unchanged Pre-election Fiscal Update compared to the Budget forecasts three months ago, Finance Minister Steven Joyce says. More>>

ALSO:

Water: Farming Leaders Pledge To Help Make Rivers Swimmable

In a first for the country, farming leaders have pledged to work together to help make New Zealand’s rivers swimmable for future generations. More>>

ALSO:

Unintended Consequences: Liquor Change For Grocery Stores On Tobacco Tax

Changes in the law made to enable grocery stores to continue holding liquor licences to sell alcohol despite increases in tobacco taxes will take effect on 15 September 2017. More>>

Back Again: Government Approves TPP11 Mandate

Trade Minister Todd McClay says New Zealand will be pushing for the minimal number of changes possible to the original TPP agreement, something that the remaining TPP11 countries have agreed on. More>>

ALSO:

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO: