Tuesday, April 23, 2024

Dairy exports help right balance of trade

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Monthly trade balance shows $8.8m surplus for June.
The value of milk powder, butter and cheese exports increased by $170 million.
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A $1.1 billion drop in imported goods and 1.3% improvement in exports by value of $1.6bn saw the monthly trade balance move into a surplus of $8.8 million for June, according to Statistics New Zealand.

Exports of $6.3bn were led by a $170m increase in the value of milk powder, butter and cheese to $1.8bn while petroleum product imports were down $374m, or almost a third, with iron and machinery imports down $94m or 9.5% compared to the prior June.

That followed the $1.6bn rise in imports led by petrol and diesel imports last June, after the closure of the Marsden Point refinery operations in April last year. 

That took goods exports to $72.8bn over the past year, up $5.5bn on the prior year but still leaving the annual trade deficit for the year to June at $16bn, up $5bn on the prior year. 

The quarterly seasonally adjusted trade balance was a deficit of $2.7bn.

Exports into China were down 7.2%, or $124m, for the month on the back of a $81m fall in meat products and a $57m drop in fruit exports, and down $100m for exports into the European Union. 

That was offset by a $190m increase in exports into Australia and a $91m improvement in goods shipped into the United States, which were up $91m.

Total imports from China, meanwhile, were down $232m, or 16%, with a $46m dip in fertiliser imports and a $33m drop in machinery and equipment making up the bulk of that. 

A drop of $41m in vehicles and parts and a $28m dip in machinery, meanwhile, made up most of the $100m drop in EU imports.

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