Statistics NZ reports the first July trade surplus in
30 20 years and dairy products accounted for much of that:
The trade balance for the July 2011 month was a surplus of $129 million, or 3.5 percent of exports, Statistics New Zealand said today. “This is the first July surplus since 1991,” overseas trade manager Stuart Jones said. “It compares with an average July deficit of 18 percent of exports over the previous five years.”
The value of goods exported in July 2011 increased $166 million compared with July 2010, to reach $3.7 billion. The increase was led by milk powder, butter, and cheese exports, and crude oil.
The value of goods imported in July 2011 decreased $149 million compared with July 2010, to $3.6 billion, led by a fall in petroleum and products. Regular petrol and automotive diesel were down, and crude oil import quantities, which tend to be irregular, were significantly lower in July 2011.
The trend in the value of exports has increased 30 percent since its most recent low point in October 2009, and continues to reach new highs. The trend for import values is up 20 percent since the most recent low point in September 2009, but is still 9.9 percent below its overall peak in September 2008.
It is worth noting that the trade surplus happened in spite of the high dollar which makes exports more expensive and imports cheaper.
The seasonally adjusted trade deficit increased to $1.9 billion for the three months to June, up from $861 million in the March quarter.
Statistics NZ says this is similar to the deficit in the June quarter last year.
Major contributers to the deficit were siginificant increase in imports of one-off capital goods (particularly oil-related) and petroleum and products, combined with a large seasonally adjusted drop in dairy exports.
The seasonally adjusted value of merchandise imports rose 8.5 percent in the June 2008 quarter (to $12.1 billion) following a flat March quarter. One-off capital imports (an oil platform, oil production vessel, and two large aircraft) were the largest contributors to this increase, added to by the highest ever quarterly value of petroleum and products imports.
The seasonally adjusted value of merchandise exports was down 0.5 percent in the June 2008 quarter (to $10.3 billion) following a 2.4 percent decrease in the March quarter. Although lower, June 2008 still has the third highest quarterly exports value on record. The latest small decrease in total exports comes despite increases in most commodity groups and is primarily the result of a large drop in dairy product exports, following on from the recent drought. Crude oil showed the most significant increase, up 56.6 percent (largely due to price rises).
In the month of June 2008, merchandise imports were valued at $3.8 billion, the highest value for a June month, up 16.9 percent from June 2007. This increase was led by crude oil with the price of crude up substantially since June 2007.
Merchandise exports were valued at $3.6 billion in June 2008, up 30.9 percent from June 2007. This is the largest percentage increase from the same month of the previous year since January 2001. The increase in exports was dominated by crude oil and milk powder, butter and cheese.