The value of exports to Australia – New Zealand’s largest export destination – fell $172 million (17 percent) in August 2012 compared with August 2011, Statistics New Zealand said today. The fall was led by petroleum and products.
“Lower exports to Australia contributed to the overall fall in export values,” industry and labour statistics manager Neil Kelly said. “But an increase in exports to China, led by dairy products, partly offset the fall.”
The value of exported goods in August 2012 was $3.3 billion, down $116 million compared with August 2011. The value of imports showed little change, down $17 million to $4.1 billion. All three broad economic categories – capital, intermediate, and consumption goods – had small decreases in value. Passenger motor cars increased in value.
The trade balance for August 2012 was a deficit of $789 million (24 percent of exports). This compares with a deficit of $690 million (20 percent of exports) in August 2011.
Seasonally adjusted exports fell 8.0 percent compared with July 2012. There was a large fall in seasonally adjusted milk powder, butter, and cheese exports, which followed two large increases in June and July. Seasonally adjusted imports fell 1.3 percent.
The trend for exports appears to have been increasing since March 2012, while the trend for imports has been flat in recent months. The trend for imports is 6.0 percent lower than its record level in September 2008.
See also: Overseas Merchandise Trade: August 2012 – Information release