Crude oil and fertilisers lead increase in imports

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

“Crude oil and fertilisers were key contributors to the 10 percent rise in imports,” overseas trade manager Stuart Jones said. “The value of imports increased $382 million to $4.2 billion.”

Exports increased $251 million (6.8 percent) to $3.9 billion, mainly due to an increase in milk powder, butter, and cheese exports.

The trade balance for November 2011 was a deficit of $308 million (7.9 percent of exports).

The November trade balance is normally a deficit, with an average deficit of 16 percent of exports for the previous five November months. For the year ended November 2011, the trade balance was a surplus of $555 million.

The trend for exports remains at record levels, 27 percent higher than the most recent low point in October 2009. The trend for imports is up 24 percent since its most recent low point in September 2009, but is still 7.5 percent below its peak in September 2008.

Seasonally adjusted exports decreased 4.6 percent ($189 million) in November 2011 compared with October 2011. Seasonally adjusted imports showed little change, up 0.2 percent ($8.7 million) over the same period. 

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