Kiwifruit Exports Rise in August Overseas Merchandise Trade
Kiwifruit exports rise in August
Kiwifruit exports rose $73 million in August 2017 to reach $268 million, up 37 percent on the same month last year, Stats NZ said today.
The rise was the leading contributor to an increase of $306 million (9.0 percent) in overall goods exports, which was $3.7 billion in August.
For the August 2017 year, the value of kiwifruit exports was the highest ever at $1.8 billion, up $202 million (13 percent) from the previous year. The quantity of kiwifruit exports was up 9.8 percent over the same period.
"This annual increase in kiwifruit exports was led by gold kiwifruit, in particular to China," international statistics senior manager Daria Kwon said.
Other export goods commodities to rise in the month of August were petroleum and products including crude oil (up $54 million), food preparations including infant formula (up $44 million or 50 percent), and mechanical machinery and equipment (up $27 million or 21 percent).
Milk powder, butter, and cheese, New Zealand's single biggest export commodity group, fell $12 million (2.6 percent) in August 2017 compared with August 2016, reflecting a smaller quantity for the month. This month's fall follows strong rises in recent months. International dairy product auction prices rose sharply in the second half of 2016.
Goods imports rose $301 million (6.5 percent) to reach $4.9 billion in August 2017, led by an increase in the value of crude oil (up $147 million or 93 percent). Imports of crude oil and other petroleum products tend to move up and down from month to month, depending on the timing of shipments.
The monthly trade deficit in August 2017 was $1.2 billion (33 percent of exports), marginally lower than the deficit in August 2016.