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Import volumes continue to rise

Statistics New Zealand

Friday 10 December 2010, 12:40PM

By Statistics New Zealand

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Overseas Trade Indexes (Prices): September 2010 quarter (provisional)
Overseas Trade Indexes (Prices): September 2010 quarter (provisional) Credit: Statistics New Zealand
Overseas Trade Indexes (Volumes): September 2010 quarter (provisional)
Overseas Trade Indexes (Volumes): September 2010 quarter (provisional) Credit: Statistics New Zealand

Seasonally adjusted import volumes rose 3.7 percent in the September 2010 quarter, which is the fifth consecutive quarterly rise, Statistics New Zealand said today.

“Import volumes remain 10 percent below their peak in the June 2008 quarter, but have recovered to levels last seen in late 2008,” Statistics NZ's overseas trade manager Neil Kelly said. Capital goods were the main contributor to the import volumes rise.

Seasonally adjusted export volumes fell 2.9 percent in the September 2010 quarter, following a flat June 2010 quarter (down 0.1 percent). Meat, dairy, and forestry products were the major contributors to the fall in export volumes in the latest quarter. Meat volumes were at their lowest level since the September 2002 quarter.

In the September 2010 quarter, prices for exported goods were flat (down 0.1 percent). The main contributors were:

  • forestry products (down 4.1 percent)
  • fruit (down 8.2 percent)
  • dairy products (up 7.1 percent).

Prices for imported goods fell 3.0 percent in the September 2010 quarter. The fall was influenced by:

  • petroleum and petroleum products (down 7.0 percent)
  • mechanical machinery (down 2.8 percent).

The merchandise terms of trade rose 3.0 percent in the September 2010 quarter, as import prices fell and export prices were flat. This means that 3.0 percent more imported goods could be funded by a fixed quantity of exported goods than in the June 2010 quarter.

Overseas trade price and volume indexes for the December 2010 quarter will both be released on 1 March 2011. These releases were scheduled for 10 March 2011, but are being brought forward seven working days due to an improvement in timing.

Highlights - Volumes
All references are to seasonally adjusted series and compared with the June 2010 quarter unless otherwise stated.

  • Merchandise export volumes fell 2.9 percent and are at similar level to the June 2009 quarter.
  • Meat (down 18.9 percent) was the main contributor to the fall, and is at its lowest level since the September 2002 quarter.
  • Merchandise import volumes rose 3.7 percent and are at similar level to the December 2008 quarter.
  • Capital goods (up 15.7 percent) was the main contributor to the rise. 

Highlights - Prices

  • The merchandise terms of trade rose 3.0 percent.
  • Merchandise export prices were flat (down 0.1 percent).
  • Merchandise import prices fell 3.0 percent.
  • The services terms of trade fell 2.3 percent.
  • Services export prices rose 0.7 percent.

Services import prices rose 3.1 percent.