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Exports and imports hit new highs in 2017
Exports and imports hit new highs in 2017
30 January 2018
Both exports and imports reached new highs in 2017, as New Zealand earned more from agricultural products and bought more cars and computers, Stats NZ said today.
“The previous high for the value of goods exports in a calendar year was 2014,” international statistics manager Tehseen Islam said. “The previous high for imports was 2015.”
Annual exports were valued at $53.7 billion for the year ended December 2017, up $5.2 billion (11 percent) from 2016. Dairy products led the rise, up $2.8 billion to $14.0 billion. Meat rose $706 million to $6.6 billion. Logs, wood, and wood articles rose $546 million to $4.7 billion.
Imports for the December 2017 year were up $4.9 billion, to $56.5 billion. Mechanical machinery and equipment (such as aircraft parts and computers) rose $1.3 billion to $8.2 billion. Vehicles, parts, and accessories (mainly cars, trucks, and vans) rose $1.2 billion to $8.9 billion.
China was our top trading partner in 2017. Exports to China were valued at $12.0 billion (22 percent of New Zealand’s total exports) while imports from China were valued at $10.9 billion (19 percent of New Zealand’s total imports).
“China overtook Australia as our top export market in 2013 and has remained at the top every calendar year since,” Mr Islam said. “The gap between the top two markets is now wider than it’s been at any time since then.”
New Zealand’s total two-way goods trade (exports plus imports) for the year ended December 2017 was worth $110 billion, up $10 billion (10 percent) from 2016. Annual two-way goods trade has remained above $100 billion for the last four years.
For the year ended December 2017, there was an annual trade deficit of $2.8 billion (5.3 percent of exports). This was smaller than the $3.1 billion deficit (6.5 percent of exports) for the December 2016 year.
For more information about these
statistics:
• Visit Overseas merchandise trade: December
2017
• See CSV files for
download
ends
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