Milk powder and logs drive export values up

Milk powder and logs drove a 9.0 percent increase in the value of goods exported in April 2010, Statistics New Zealand said today. The value of goods exported for the month of April 2010 was $4.0 billion, up $329 million from April 2009.

“Unsweetened whole milk powder, up $140 million, and pinus radiata logs, up $58 million, were the leading contributors to this rise,” said business statistics manager Louise Holmes-Oliver. Quantities and prices for both these commodities were higher.

Milk powder, butter, and cheese exports rose $202 million overall, followed by wood and wood products (up $68 million), and meat and edible offal (up $63 million).

The total value of goods imported for April 2010 was $3.3 billion, down $5 million (0.2 percent) from April 2009.

Decreases in the import values of petroleum and products and electrical machinery and equipment were mostly offset by the importation of the HMNZS Otago, and increases in vehicles, parts, and accessory imports.

The annual trade balance for the year ended April 2010 was a surplus of $161 million. “This is the first annual trade surplus recorded since July 2002,” added Louise Holmes-Oliver. The trade balance for the April 2010 month was a surplus of $656 million or 16.5 percent of the value of exports. This compares with an average April trade deficit of 0.6 percent of exports for the previous 10 years, with a mix of surpluses and deficits recorded during this period.