Exports and imports values continue to rise

The total value of merchandise exports rose 11.2 percent from May 2007 to May 2008, to reach $3.7 billion,while merchandise imports were up 17.3 percent to $3.9 billion over the same period, Statistics NewZealand said today.

For both exports and imports, this is the ninth consecutive monthly rise (from the same month of theprevious year).

Crude oil and other petroleum products led the increase for both exports and imports in theMay 2008 month.

The next largest increase in exports came from meat and edible offal which rose $117 million from May2007, with sheep meat the main contributor to this rise.

The total exports value for meat and edible offal isthe highest ever for a May month and at $528 million is only just short of the highest ever recorded monthlyvalue ($534 million in March 2005).

The recent drought appears to have impacted on both imports and exports in May 2008.

Import quantities offood residues, wastes and fodder were 70.9 percent higher than any other month of the last decade, led byan increase in oil cake.

Export quantities of milk powder, butter and cheese were down 29.7 percentcompared with the previous May, although values were still up 3.9 percent.In May 2008, the monthly trade balance was a deficit of $196 million, or 5.3 percent of exports.

Over thepast 10 years, May months have recorded a deficit only three times. All three of these occurred in the pastfour years, with May 2008 being the largest (both by value and as a percentage of exports).

There is a companion Hot Off The Press information release published – Overseas MerchandiseTrade: May 2008.