Capital goods keep import volumes at high levels | infonews.co.nz New Zealand News

Seasonally adjusted import volumes rose 2.7 percent in the September 2011 quarter, Statistics New Zealand said today. The rise was mainly due to capital goods, such as plant and machinery.

“Import volumes are at their second-highest level since the series began in 1990. Imports are now 1.8 percent below the peak in the June 2008 quarter,” industry and labour statistics manager Neil Kelly said.

Seasonally adjusted export volumes fell 0.7 percent in the September 2011 quarter, but remain at a high level. Non-food manufactures, non-fuel crude materials, and meat were the major contributors to the fall. Partly offsetting these decreases was an increase in dairy product exports.

In the September 2011 quarter, the New Zealand dollar appreciated against most of our major trading partner currencies. This had a downward impact on both export and import prices. The Reserve Bank trade weighted index rose 4.2 percent in the latest quarter.

In the September 2011 quarter, prices for exported goods fell 4.0 percent, reflecting price decreases for:

dairy (down 4.8 percent)
forestry (down 9.1 percent)
meat (down 4.8 percent).

Prices for imported goods fell 3.4 percent in the September 2011 quarter. The major contributors to this fall were:

mechanical machinery (down 6.5 percent)
food and beverages (down 5.4 percent)
electrical machinery and apparatus (down 4.7 percent).

In the September 2011 quarter, the merchandise terms of trade fell 0.7 percent from a 37-year high reached in the June 2011 quarter. The fall, which was due to export prices falling more than import prices, means that 0.7 percent less imported goods could be funded by a fixed quantity of exported goods than in the June quarter.

The price and volume indexes for exports and imports of goods are compiled mainly from overseas merchandise trade data.

Overseas Trade Indexes (Prices): September 2011 quarter (provisional) – Information release