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Overseas Merchandise Trade (Exports): 20 09 2004

Overseas Merchandise Trade (Exports): September 2004

5 November 2004

Low Dairy Export Values in September Quarter

The seasonally adjusted exports value for the September 2004 quarter fell 10.4 percent, with lower dairy export values the main contributor, according to Statistics New Zealand. The top 10 export commodity groups all recorded lower seasonally adjusted values during the current quarter, with export values for milk powder, butter and cheese the main driver behind this quarter's low seasonally adjusted value.

Both the seasonally adjusted value and quantity of exported milk powder, butter and cheese recorded falls during the September 2004 quarter. The seasonally adjusted quantities of butter and cheese exports fell this quarter, down 49.0 percent and 29.2 percent, respectively.

Australia and Belgium were the two main export destinations that contributed to this quarter's lower export value. Lower export values for dairy and meat products were the main contributors to the lower export value to Belgium. Dairy exports were also a significant contributor to Australia's lower value of exports this quarter.

The merchandise trade balance for the September 2004 quarter is a confirmed deficit of 30.1 percent of exports, or $2,105 million. Over the same period, the exchange rate appreciated 3.6 percent, exerting a downward influence on export prices. The updated value of merchandise exports for the September 2004 month is $2,158 million, which is 1.9 percent lower than for September 2003.

Brian Pink Government Statistician

ENDS

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