Export trend reaches new high

The total value of goods exported in February 2011 was $3.9 billion, Statistics New Zealand said today. This was $550 million (17 percent) higher than February 2010. 

“The trend in exports has grown strongly since October 2010, and has pushed through the highs of late 2008,” overseas trade manager Neil Kelly said.

The milk powder, butter, and cheese commodity group, particularly unsweetened whole milk powder, was the major contributor to the increase in February export values.

The total value of goods imported in February 2011 was $3.7 billion, up $684 million (23 percent) from February 2010. Imports of aircraft made a large contribution to this increase. Excluding aircraft, imports would have been $3.5 billion, an increase of $460 million (15 percent).

In addition to aircraft, petroleum and products also contributed significantly to the increase in imports.

The trend for total merchandise imports has increased strongly since October 2010 but is still below its peak in September 2008.

In February 2011, there was a trade surplus of $194 million (5.0 percent of the value of exports). This compares with an average February surplus of 2.3 percent of exports for the previous five years.

For the year ended February 2011 there was a trade surplus of $758 million (1.7 percent of exports). This is the first surplus for the year ended February since 2002. 

Geoff Bascand 29 March 2011

Government Statistician