Exports from New Zealand advanced 16.8 percent year-on-year in July, nudged by milk powder, butter & cheese exports’ 50.7 percent surge (vs 44.9 percent in the previous month). Fruit exports advanced 15.3 percent. In contrast, crude oil shipments declined by 27.6 percent. Exports to China increased at a faster pace of 51.4 percent compared to 25.6 percent in the previous month. Exports to Korea also expanded at a strong pace of 36.1 percent (vs 20.1 percent in June). More modest expansion was observed in exports to the European Union (+23.8 percent), Japan (+18.7percent), and the United States (+6.4 percent). Contrastingly, exports to Australia edged down 0.2 percent in June.
Meanwhile, imports to New Zealand climbed 5.4 percent year-on-year to NZD 4548 million in July of 2017. Purchases of vehicles, parts & accessories jumped 25.1 percent after surging 36.4 percent in the previous month. Petroleum & products increased by 9.9 percent after expanding 2.0 percent in June. By country of origin, imports from Japan climbed 24.1 percent after jumping 35.2 percent in June. In contrast, imports from the United States contracted a sharp 31.5 percent in July.