Meat and crude oil lead export increase

The values of imported and exported goods were both higher in October 2011 than in October 2010, Statistics New Zealand said today.

“The $195 million (5.3 percent) increase in exports was led by meat and crude oil,” industry and labour statistics manager Neil Kelly said. “Total exports to Australia increased $75 million.”
Imports increased $257 million (6.6 percent), led by fertilisers and petroleum and products.

The trade balance for October 2011 was a deficit of $282 million (7.3 percent of exports). The October trade balance is normally a deficit, with an average deficit of 23 percent of exports for the previous five October months. For the year ended October 2011, the trade balance was a surplus of $627 million.

The trend for exports remains at record levels, 28 percent higher than the most recent low point in October 2009. The trend for imports is up 25 percent since its most recent low point in September 2009, but is still 6.3 percent below its peak in September 2008.

Seasonally adjusted exports increased 5.3 percent ($209 million) in October 2011 compared with September 2011. Seasonally adjusted imports decreased 2.1 percent ($83 million) over the same period. 

See also:
Overseas Merchandise Trade: October 2011 – Information release