Machinery and equipment lead increase in imports

The total value of goods imported in January 2011 increased $396 million (14 percent) from January 2010, to $3.3 billion, Statistics New Zealand said today.

“Higher imports of mechanical and electrical machinery and equipment contributed almost half of this rise in January 2011,” overseas trade manager Neil Kelly said.

The trend for import values has mainly increased since the most recent low point in September 2009, but is still 12 percent below its peak in September 2008.

The total value of goods exported in January 2011 was up $136 million (4.3 percent) from January 2010, to $3.3 billion.

“Milk powder, butter, and cheese exports (mainly unsweetened whole milk powder) dominated this increase – up $93 million (9.8 percent),” Mr Kelly said.

The trend for export values has mainly increased since the most recent low point in October 2009.

In January 2011, the trade balance was a small surplus of $11 million or 0.3 percent of the value of exports.

The annual trade balance for the year ended January 2011 was a surplus of $865 million (2.0 percent of exports). This is the first surplus for the year ended January since 2002. 

Geoff Bascand 28 February 2011

Government Statistician