The country's trade balance is returning to the black – for now, anyway.Merchandise trade figures released this morning by Statistics New Zealand show exports rose $552 million to $3.8 million, with milk, butter and cheeses, and logs and wood the ma
The country’s trade balance is returning to the black – for now, anyway.
Merchandise trade figures released this morning by Statistics New Zealand show exports rose $552 million to $3.8 million, with milk, butter and cheeses, and logs and wood the main contributors.
Exports are now close to their previous peak reached in late 2008.
However prices for dairy produce and other commodities are expected to fall towards the end of the year as the main causes of the recent rise – earthquakes in South America and droughts elsewhere – subsides.
By country of destination, Australia’s importance continues to increase, with the value of exports up $157 million for the month – crude oil being the largest contributor.
Japan saw the second largest increase, with China coming third. The make up of the exports though is very different – for Japan, the main driver is exports of aluminium and logs; with China it is unsweetened milk powder.
Imports fell $56 million to $3.5 billion but these would have shown an increase if the one off factor of someone buying an aircraft in the previous month was discounted.
The overall trade balance is in surplus by $276 million for the month and $639 for the 12 months to June.
