Third consecutive quarterly trade surplus

The seasonally adjusted trade balance for the September 2010 quarter was a surplus of $378 million (3.5 percent of exports), Statistics New Zealand said today. This is the third consecutive quarterly trade surplus.

“The trade surplus was higher in the September 2010 quarter than the previous quarter,” said overseas trade manager Neil Kelly. “While both exports and imports values decreased, imports decreased slightly more.”

After adjusting for seasonal effects, the value of goods exported decreased 2.5 percent in the September 2010 quarter. Notable changes in exports include: 

• Meat and edible offal products were down 23 percent, driven by lower quantities.
• Milk powder, butter, and cheese were up 4.8 percent, despite lower quantities.

The seasonally adjusted value of goods imported decreased 3.1 percent in the September quarter. Notable changes in imports include: 

• Intermediate goods were down 7.8 percent, mainly due to lower crude oil imports.
• Capital goods were up 22 percent.

Actual values for the month of September 2010:

• Exported goods $3.2 billion.
• Imported goods $3.7 billion.
• Trade deficit of $532 million (17 percent of exports). September months are typically deficits.

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