New Zealand Posts Trade Surplus in March



For the March 2013 month, export values increased $213 million (5.1 percent), compared with March 2012, and imports decreased $319 million (7.9 percent). The trade balance for the March 2013 month was a surplus of $718 million (16 percent of exports). This compares with an average deficit of $354 million (8.3 percent) of exports over the previous five March months.

In March 2013, merchandise exports were valued at $4.4 billion, up $213 million (5.1 percent) from March 2012. The rise in exports was led by meat and edible offal. Meat and edible offal exports rose $100 million (18 percent) to $662 million. Logs, wood, and wood articles rose $73 million (28 percent) to $336 million, due to pine logs. Ships, boats, and floating structures rose $41 million due to exports of pleasure boats, up $39 million. There were no similar exports in March 2012.
Milk powder, butter, and cheese, New Zealand's largest export commodity group, showed little change, increasing $1.3 million (0.1 percent).
Petroleum and products other than crude oil showed the largest decrease, down $37 million (89 percent). This was led by partly refined petroleum, down $18 million, and bituminous road surface preparations, down $16 million.

Exports to China showed the largest increase, up $278 million (47 percent). This was led by meat and edible offal, up $91 million (247 percent), whole milk powder, up $78 million (66 percent), and pine logs, up $74 million (102 percent).

In March 2013, the value also rose for exports to the United States – up $63 million (16 percent), led by boneless frozen beef cuts, up $56 million (62 percent) and to Fiji – up $40 million, due to exports of pleasure boats. Japan showed the largest decrease, down $46 million (13 percent), led by naphthalene, down $26 million.

In the March 2013 month, imported goods were valued at $3.7 billion, down $319 million (7.9 percent) from March 2012.

The value of petroleum and products fell $139 million (14 percent) in March 2013 compared with March 2012. The fall was mainly due to a decrease in crude oil, down $191 million. This was partly offset by an increase in automotive diesel, up $43 million, and regular motor spirit, up $26 million.
Other key changes in import values were seen for mechanical machinery and equipment – down $50 million (10 percent), led by excavators and cranes; salt, earths, stone, lime, and cement – down $24 million (42 percent), due to natural calcium phosphates and vehicles – up $16 million (4.1 percent), due to goods transport vehicles.

The seasonally adjusted value of exported goods rose 0.8 percent in the March 2013 quarter. This follows a fall of 2.9 percent in the December 2012 quarter. Milk powder, butter, and cheese led the increase in the March 2013 quarter – values were up 3.5 percent, and quantities were up 3.6 percent.

The seasonally adjusted value of imported goods decreased 0.2 percent in the March 2013 quarter, following a 1.6 percent fall in the December 2012 quarter.

The seasonally adjusted trade balance for the March 2013 quarter was a surplus of $52 million, equivalent to 0.4 percent of exports. This follows a deficit of $59 million in the December 2012 quarter.

China overtook Australia as top export destination for the first time in the March 2013 quarter.

 


New Zealand Posts Trade Surplus in March


Statistics New Zealand | Joana Taborda | joana.taborda@tradingeconomics.com
4/26/2013 12:08:46 AM