Biggest trade surplus since 1993

The trade balance for May 2009, when measured as a percentage of exports, recorded the largest surplussince June 1993, Statistics New Zealand said today.

The surplus of $858 million, or 21.7 percent of exports,resulted from a large drop in imports combined with a moderate rise in exports.Compared with May 2008, the total value of merchandise imports for May 2009 was down by 20.7 percent($809 million).

In percentage terms, this month’s decrease is the largest since February 1993. Petroleumand petroleum products, and passenger motor cars led this month’s imports decrease, accounting for morethan 60 percent of the fall.

The value of passenger motor car imports for May 2009 was less than half ofthat recorded for May 2008 and this fall was led by petrol cars with engine capacities above 1500cc.

The value of merchandise exports rose 5.8 percent ($218 million) in May 2009 compared with May 2008.Exports to China accounted for 80 percent of this month’s increase, with milk powder, butter, and cheese,and logs, wood, and wood articles making the largest contributions.

Geoff Bascand
Government Statistician
29 June 2009
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See also the Hot Off The Press information release Overseas Merchandise Trade: May 2009