The value of exported goods fell $94 million (2.4 percent) to $3.8 billion in November 2012, compared with November 2011, Statistics New Zealand said today.
“Despite a 60 percent increase in exports to China, decreases for other countries resulted in total exports falling, compared with November 2011,” industry and labour statistics manager Louise Holmes-Oliver said.
The value of imported goods has been flat at $4.5 billion for the month. Without one-off capital imports in November 2011, merchandise imports would have risen 5.9 percent – this would have been the largest increase since July 2012.
The trade balance for the November 2012 month was a trade deficit of $700 million (18 percent of exports). November month trade balances are typically deficits, and the current month compares with an average deficit of 13 percent of exports over the previous five November months.
Seasonally adjusted exports increased 8.9 percent in November 2012, compared with October 2012. Milk powder, butter, and cheese led this increase. Seasonally adjusted imports rose 11 percent in November 2012.
The trend for exports appears to have been declining in recent months, and is 7.3 percent lower than its highest-ever peak of November 2011. The trend for imports has shown little change in recent months, and is 4.8 percent lower than its record high of September 2008.
Overseas merchandise trade statistics remain provisional for the first three months after data is first released. For more information, see Why overseas merchandise trade data can change on the Statistics NZ website.
See also: Overseas Merchandise Trade: November 2012 – Information release