Information in this release is for the month of May 2010, compared with May 2009, unless otherwise stated.
Exports
The value of merchandise exports for the month of May 2010 was $4.2 billion, up $238 million (6.0 percent) from May 2009. This is the highest value recorded for exports for any month, and only the third time that monthly exports have exceeded $4 billion (March 2009 and March 2010 were the previous occasions).
The trend for merchandise exports is now at a similar level to its peak in November 2008, and has risen 15.2 percent since September 2009, following a 10-month decline.
Key increases and decreases in exports by commodity grouping and by country of destination were as follows:
By commodity:
- Milk powder, butter, and cheese led the increase in export commodities, up $102 million (12.6 percent). Unsweetened whole milk powder, up $119 million, drove this increase with both higher quantity and price contributing to this rise. Sweetened skimmed milk powder showed the largest offsetting decrease, due to a reduction in quantity.
- Crude oil recorded the second largest increase, up $71 million (44.5 percent) mainly due to higher prices.
- Logs, wood, and wood articles recorded the next largest increase, up $44 million (19.5 percent), with small increases recorded in several commodities, led by an increase in sawn or chipped pinus radiata.
- Aluminium and aluminium articles were up $35 million (49.9 percent), driven by unwrought aluminium.
- Fruit recorded the largest decrease, down $53 million (16.7 percent), led by a decline in kiwifruit, with apples also down.
- Optical, medical, and measuring equipment had the next largest decrease, down $18 million (25.8 percent).
By country of destination:
- Australia recorded the largest increase, up $137 million (17.6 percent). This increase was dominated by a doubling of crude oil exports, (up $102 million), with both quantity and price higher.
- Japan recorded the second largest increase, up $112 million (46.0 percent), led by aluminium and aluminium articles, and crude oil. There was no crude oil exported to Japan in May 2009.
- The People’s Republic of China recorded the next largest increase, up $92 million (25.8 percent). This increase was dominated by milk powder, butter, and cheese, up $91 million (mainly due to a rise in unsweetened whole milk powder).
- Indonesia recorded the largest decrease, down $59 million (39.0 percent), due to crude oil. There was no crude oil exported to Indonesia in May 2010.
- Singapore and the United Kingdom recorded the next largest decreases, down $37 million (34.5 percent) and $23 million (12.9 percent) respectively.
Imports
The total value of merchandise imports for May 2010 was $3.4 billion, up $330 million (10.8 percent) from May 2009.
The trend for total merchandise imports reached a turning point in September 2009, and has risen 13.7 percent since then. The trend is still 15.3 percent lower than its peak in September 2008.
All of the broad economic categories rose apart from consumption and capital goods.
- Intermediate goods recorded the largest increase, up $210 million (15.7 percent) mainly due to a $145 million (81.0 percent) rise in crude oil. Crude oil prices and quantities were both more than one-third higher, although crude oil import shipments can be irregular, which gives rise to large fluctuations in quantities and values. Intermediate goods other than crude oil were $65 million higher (5.6 percent) led by increases in raw cane sugar, palm oil cake, and plastic and plastic articles.
- Passenger motor cars recorded the second largest increase, up $112 million (79.4 percent) led by petrol cars with a cylinder capacity between 1500cc and 3000cc.
- Petrol and avgas was up $39 million (48.3 percent).
- Capital goods recorded the largest fall, down $39 million (6.3 percent). A decrease in machinery and plant of $73 million (13.8 percent), led by mobile telephones and electric generating sets, was only partly offset by an increase in transport equipment of $34 million (42.0 percent). Transport equipment would have also decreased if it had not been for the importation of large aircraft.
- Consumption goods at $856 million were almost unchanged, down $4 million (0.5 percent).
Most import commodity groupings recorded increases compared with May 2009. Key increases and decreases in imports by commodity grouping, and by country of origin were as follows:
By commodity:
- Petroleum and products recorded the largest increase, up $167 million (46 percent) mainly due to an increase in crude oil imports with both prices and quantities more than one-third higher, as previously mentioned.
- Vehicles, parts, and accessories were the second largest increase, up $113 million (47.0 percent), driven by an increase in passenger motor vehicles. This increase was mainly due to petrol cars with a cylinder capacity 1500cc–3000cc. Petrol cars with a cylinder capacity exceeding 3000cc, and diesel cars with a cylinder capacity exceeding 2500cc, also showed significant increases.
- Aircraft and parts recorded the next largest increase, up $29 million (40.7 percent), with an increase in large aircraft only partly offset by a fall in imports of mid-sized aircraft.
- Sugars and sugar confectionery were up $27 million (278 percent), led by raw cane sugar, with almost none imported in May 2009.
- Electrical machinery and equipment recorded the largest decrease, down $84 million (22.9 percent), led by mobile telephones, electric generating sets, and parts for television receivers.
- Salt, earths, stone, lime, and cement, down $18 million (50.9 percent), had the second largest decrease mainly due to a decrease in natural calcium phosphates.
By country of origin:
- The United Arab Emirates, up $119 million (506 percent), and Russia, up $82 million, had the largest increases due to crude oil imports. Crude oil import shipments tend to fluctuate by country of origin, which gives rise to large changes in quantities and values. The two largest decreases in imports, by country of origin, for the month, were Qatar, down $93 million (98.2 percent), and Indonesia, down $43 million (50.2 percent). Again, these were mostly due to changes in crude oil shipments.
- Australia had the third largest increase, up $76 million (13.4 percent), led by raw cane sugar and passenger vehicles.
- Imports from Malaysia were the next largest increase, up $63 million (82.7 percent), led by crude oil and palm oil cake for animal feed.
- The Czech Republic showed the third largest decrease, down $18 million (82.5 percent), mainly due to electrical machinery and equipment.
Trade balance
In May 2010, the trade balance was a surplus of $814 million or 19.4 percent of the value of exports, following a surplus of 22.9 percent of exports in the May 2009 month and a deficit of 4.5 percent of exports in the May 2008 month. This compares with an average May trade surplus of 9.3 percent of exports for the previous 10 years, with surpluses mainly recorded in May months over this period.
The annual trade balance for the year ended May 2010 was a surplus of $91 million (0.2 percent of exports), compared with the average deficit of 10.5 percent of exports for the previous 10 May years.
Three months ended May 2010
Exports of merchandise goods for the three months ended May 2010 were valued at $12.2 billion, a rise of $586 million (5.0 percent) from the same period of the previous year.
In the three months ended May 2010, key decreases and increases in exports compared with the three months ended May 2009 were as follows:
By commodity:
- Milk powder, butter, and cheese recorded the largest increase, up $459 million (19.8 percent), led by unsweetened whole milk powder, anhydrous milk fat, and salted butter.
- Crude oil recorded the second largest increase, up $219 million (56.8 percent), with an increase in price and quantity.
- Logs, wood, and wood articles recorded the third largest increase, up $172 million (27.4 percent), led by untreated pinus radiata logs, with quantity and price both higher.
- Aluminium and aluminium articles had the next largest increase, up $92 million (44.8 percent), driven by a rise in unwrought aluminium.
- Aircraft and parts recorded the largest fall, down $143 million (72.5 percent) due to the high value of large aircraft exported in the same three month period last year.
- Fruit recorded the second largest fall, down $102 million (13.5 percent) led by a decline in apples.
By country of destination:
- China recorded the largest increase, up $282 million (26.2 percent). Milk powder, butter, and cheese, up $255 million, dominated the increase, with value almost double, (driven by unsweetened whole milk powder). Another notable contributor to the rise was logs, wood, and wood articles (led by untreated pinus radiata logs).
- Australia recorded the second largest increase, up $240 million (10.1 percent), driven by a rise in crude oil, up $256 million. An offsetting decline was recorded in aircraft and parts, mainly due to no large aircraft being exported to Australia in the three months ended May 2010.
- Japan recorded the next largest increase, up $201 million (25.9 percent), driven by an increase in aluminium and aluminium articles. Fruit and crude oil were other notable contributors to the increase.
- Indonesia recorded the largest decrease, down $94 million (25.7 percent), with crude oil, and milk powder, butter, and cheese leading the falls.
- The United Kingdom recorded the second largest decrease, down $74 million (13.1 percent), led by a fall in meat and edible offal – mainly frozen lamb cuts (with bone in).
- The United States recorded the third largest decrease, down $41 million (3.3 percent).
Imports of merchandise goods for the three months ended May 2010 were valued at $10.2 billion, up $165 million (1.6 percent) from the same period of the previous year.
For the three months ended May 2010, key increases and decreases in the value of imports compared with the three months ended May 2009 were as follows:
By commodity:
- Vehicles, parts, and accessories were the largest increase, up $282 million (38.0 percent) driven by an increase in passenger motor vehicles led by petrol cars with a cylinder capacity 1500–3000cc. Petrol cars with a cylinder capacity exceeding 3000cc also showed a significant increase.
- Ships, boats, and floating structures recorded the second largest increase, up $92 million, mainly due to the import of the HMNZS Otago in April 2010.
- Food residues, wastes, and fodder recorded the next largest increase, up $43 million (45.8 percent), led by palm oil cake for stock feed.
- Plastics and plastic articles, up $38 million (10.4 percent), and petroleum and products, up $35 million (2.3 percent), recorded the next largest increases.
- Electrical machinery and equipment recorded the largest decrease, down $244 million (23.1 percent), led by mobile telephones, electric generating sets, and parts for electrical static converters.
- Mechanical machinery and equipment had the second largest fall, down $106 million (7.9 percent), with falls across a wide range of commodities. Falls in machinery and engine parts, and parts of turbines led the decline, partly offset by a rise in laptop computers.
By country of origin:
- The United Arab Emirates recorded the largest increase, up $320 million (497 percent), due to an increase in crude oil. Shipments of crude oil can be irregular, which gives rise to large fluctuations in quantities and values, especially by country of origin.
- Malaysia, up $211 million (86.7 percent), the second largest increase, and Russia, up $172 million, the fourth largest increase, were again both due to crude oil imports, with no crude oil coming from either country in the same three months of the previous year.
- Australia had the third largest increase, up $173 million (9.5 percent). The majority of this increase came from ships, boats, and floating structures, mostly due to the import of the HMNZS Otago in April 2010. Passenger cars and aluminium oxide also showed significant increases, while petroleum and products (other than crude oil) recorded the largest offsetting fall.
- Brunei Darussalam recorded the largest decrease, down $153 million (100 percent), due to no crude oil being imported from there in the latest three months.
- Japan recorded the second largest decrease, down $140 million (15.9 percent), largely driven by a fall in automotive diesel imports, with mechanical and electrical machinery and equipment also declining. A rise in imports of passenger vehicles was the largest offsetting upward contribution.
- Singapore showed the next largest decrease, down $137 million (31.5 percent), driven by a decline in petroleum and products (other than crude oil).
Exchange rate movements
According to the Reserve Bank's Trade Weighted Index (TWI), the New Zealand dollar was 1.4 percent higher in May 2010, compared with April 2010, and 15.6 percent higher compared with May 2009.
Updates to previous statistics
Provisional values published on 27 May 2010 have been updated. Merchandise trade statistics for the latest three months are provisional to allow for the inclusion of late data and amendments.
For technical information contact:
Henry Minish or Soni Makaafi
Christchurch (03) 964 8700
Email: overseastrade@stats.govt.nz.
Next release...
Overseas Merchandise Trade: June 2010 will be released on 29 July 2010.