November Merchandise Trade Deficit $418m

November Merchandise Trade Deficit $418m

The provisional value of merchandise trade imports for November 2002 is $2,898 million, according to latest figures released by Statistics New Zealand. The estimated value of merchandise exports for November 2002 is $2,480 million, resulting in an estimated merchandise trade deficit of $418 million. Detailed statistics for November 2002 merchandise exports will be released on 15 January 2003.

The deficit of $418 million is 16.9 percent of exports. Deficits, averaging 16.3 percent of exports, have occurred in November for each of the last 10 years. As a percentage of exports, the deficit ranged from 4.2 percent to 35.5 percent during this period.

Trend figures indicate a gradual increase in the value of merchandise imports for the latest six months. Over this period, the deficit has widened as a result of falling merchandise export values.

Merchandise trade imports for November 2002 were 4.4 percent ($133 million) lower than for November 2001. Imports of aircraft and parts (down $148 million) were the main contributor to the lower value. In November 2001, a Seasprite helicopter and a large aircraft were imported, raising the value of imports for that month. Vehicles, parts and accessories (down $26 million) also contributed to the lower merchandise trade imports. The lower values were partly offset by higher values for petroleum and products (up $47 million) and electrical machinery and equipment (up $37 million).

For the year ended November 2002, the provisional value of merchandise imports is $32,192 million, an increase of 1.1 percent from the previous November year. There have been no items individually valued at $100 million or more (such as large aircraft and ships) imported in the latest two November years.

Brian Pink

Government Statistician

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