Crude Oil Drives Increase in Imports Value

Crude Oil Drives Increase in Imports Value

Crude oil is the main driver in the 2.4 percent increase in the seasonally adjusted imports value for the June 2005 quarter, Statistics New Zealand said today. Imports of intermediate goods rose 4.6 percent, mainly due to a 65.0 percent increase in the value of crude oil imports. Consumption goods increased 3.7 percent, with the main contributor being non-durable consumer goods.

Capital transport equipment imports, which exclude passenger motor cars, also increased this quarter, but were offset by lower imports of capital machinery and plant. The seasonally adjusted value of exports decreased 1.1 percent this quarter, following a decrease of 0.1 percent in the previous quarter. Meat, particularly lamb, was the main contributor to the latest decrease. Caseinates, skimmed milk powder, and butter also showed decreases this quarter.

The increased value of imports, together with the decreased value of exports, resulted in a seasonally adjusted trade deficit of $1,564 million (20.2 percent of exports) for the June 2005 quarter, compared with a deficit of $1,257 million (16.1 percent of exports) for the previous quarter. The trend of the trade balance has been in deficit since June 2002.

Brian Pink

Government Statistician

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