Milk powder, butter, and cheese, New Zealand’s largest export commodity, increased $188 million (19 percent) in November 2011 compared to November 2010. The increase was led by unsweetened whole milk powder, up $135 million (34 percent). Skimmed milk powder increased $27 million (19 percent). The increase in milk powder, butter, and cheese exports led to large changes in the value of exports to Algeria, Venezuela, and Egypt (see later country discussion).
Imports were up $382 million (10 percent) to $4.2 billion. Crude oil and fertilisers recorded the largest increases in import values. The trend for import values is 7.5 percent below its overall peak in September 2008.
There was a trade deficit of $308 million (7.9 percent of exports).