September Quarter Exports Value Down

September Quarter Exports Value Down

The value of seasonally adjusted merchandise exports is down 5.4 percent in the September 2002 quarter, when compared with the previous quarter, according to Statistics New Zealand. In the latest quarter, declines were recorded in the value of exports for most main commodities. For the same period, the seasonally adjusted value of merchandise imports rose 2.7 percent, mainly due to passenger motor vehicles.

Meat and dairy products show the largest decreases in seasonally adjusted export values for the September 2002 quarter. Meat and edible offal export values declined by 14.2 percent in the September quarter after small increases were recorded in the previous three quarters. Milk powder, butter and cheese export values declined by 10.2 percent in the September quarter, the fifth consecutive quarterly decline. A fall in dairy prices from the highs of last year resulted in lower values despite increased quantities.

Logs, wood and wood articles, with a rise of 2.4 percent, was the only main commodity to show a rise in seasonally adjusted export value in the September quarter.

The updated value of merchandise exports for the September 2002 month is $2,440 million. This value updates the early estimate of $2,460 million published on 25 October 2002. Provisional imports for the September 2002 month are valued at $2,794 million, giving a trade deficit of $354 million. This deficit is 14.5 percent of exports, which is close to the average of 15.1 percent for the 10 previous September months.

The monthly trend in the trade balance shows a growing deficit since March 2002.

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