Export and import values continue to fall

The value of seasonally adjusted exports and imports both fell in the June 2009 quarter, down 5.4 percentand 3.4 percent, respectively, Statistics New Zealand said today.

These falls followed decreases of 5.0percent for exports and 13.7 percent for imports in the March 2009 quarter.

The fall in seasonally adjusted exports was widespread, with seven of the top 10 export commoditygroupings recording falls in the June 2009 quarter.

Casein and caseinates recorded the largest decrease,down 21.9 percent ($64 million), and milk powder, butter and cheese also fell, despite significant rises in thequantities being exported for both these commodity groups.

The fall in seasonally adjusted imports was led by intermediate goods, down 12.6 percent ($634million), followed by consumption goods.

These decreases were partly offset by increases in capital goods,passenger cars, and petrol and avgas.

The June 2009 quarter included the one-off importation of several large aircraft valued at $571 million,associated with Jetstar commencing domestic air services in New Zealand.

Without this one-off import therewould have been a 8.7 percent decrease in the seasonally adjusted value of imports for the June 2009quarter.

The seasonally adjusted trade balance for the June 2009 quarter was a deficit of $217 million (2.1 percentof exports), following a nearly nil deficit ($1 million) in the March 2009 quarter.

Prior to the March 2009quarter, trade deficits of less than 5 percent of exports had not been seen since the first half of 2002. If ithad not been for the one-off import of several large aircraft during the June month, the June quarter wouldhave had a seasonally adjusted surplus of $354 million (3.5 percent of exports).

The most recent seasonallyadjusted trade surplus was in the December 2001 quarter.In the month of June 2009, merchandise exports were valued at $3.2 billion, down 11.0 percent ($395million) from June 2008. When comparing to the same month of the previous year, this is the largestdecrease for exports since July 2007.

The value of merchandise imports fell in the June 2009 month, down5.1 percent from June 2008, despite the one-off import of large aircraft mentioned previously.

The falls inexports and imports in June 2009 follow rises of 31.2 and 16.9 percent, respectively, in June 2008.

Cathryn Ashley-Jones
Acting Government Statistician
28 July 2009
END
See also the Hot Off The Press information release Overseas Merchandise Trade: June 2009