Overseas Merchandise Trade: June 2010 - Media Release

The value of goods exported and imported both increased in the June 2010 quarter, Statistics New Zealand said today. After adjusting for seasonal effects, the value of goods exported rose 6.8 percent and the value of goods imported rose 5.8 percent in the June quarter. This follows rises of 11 and 7.1 percent respectively, in the March 2010 quarter.

“Seasonally adjusted export values are now similar to the record level recorded in late 2008, whereas import values are still well below their 2008 high,” overseas trade manager Neil Kelly said. “The high export values coincide with record values for dairy exports.” 

Notable changes in seasonally adjusted goods exported for the June 2010 quarter include: 

• Milk powder, butter, and cheese were up 15 percent (half of the total increase in export values).
• Meat and edible offal were up 7.8 percent.
• Logs, wood, and wood articles were up 12 percent.
• Notable changes in seasonally adjusted goods imported for the June 2010 quarter include:
• Intermediate goods (including petroleum products and raw materials) were up 6.7 percent.
• Military and other goods nearly quadrupled, with the import of the offshore patrol vessels, HMNZS Otago and Wellington, during the quarter.
• Consumption goods were up 1.1 percent.

Actual values for the June 2010 month: 

• exported goods $3.8 billion
• imported goods $3.5 billion
• trade surplus $276 million (7.3 percent of exports) – the first June surplus since 2002.

For more information about the June 2010 month and quarter, see Overseas Merchandise Trade: June 2010.