Imports Increase in November 2000

Overseas Merchandise Trade (Imports): November 2000

The value of merchandise imports for November 2000 was $3,206 million, according to latest figures released by Statistics New Zealand. The monthly imports trend has continued to grow at a steady rate during 2000, increasing by 14.3 per cent between January and October, and rising a further 1.6 per cent in November.

The value of imports for the year ended November 2000 was $31,202 million, up 20.5 per cent from the previous November year. Intermediate goods (which include crude oil) rose 25.2 per cent in value while capital goods rose 14.2 per cent and consumption goods rose 13.0 per cent. Excluding items valued at $100 million or more each (such as large aircraft and ships), the annual increase in merchandise imports was 17.6 percent ($4,500 million).

The commodity with the largest increase for the year ended November 2000 was mineral fuels, mostly caused by a doubling of crude oil prices. The quantity of crude oil imported rose 6.0 per cent from the previous November year, while the value rose 114.9 per cent ($1,116 million).

The early estimate for November 2000 merchandise exports is $2,740 million, which would give a merchandise trade deficit of $466 million for the month, compared with a deficit of $746 million for November 1999. Detailed statistics for November 2000 exports will be released on 19 January 2001.

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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