Import and Export Values Jump in November
January 10, 2012 New Zealand Finance
The value of the foreign trade into and out of New Zealand increased in November, but the national trade balance remained in deficit.
On January 9th Statistics New Zealand released the country’s trade figures for November 2011, showing that both imports and exports were higher during the month of November 2011 compared to period last year, primarily due to rising prices of commodities.
In November the national trade balance was in deficit by NZD 308 million, with a total export value of NZD 3.9 billion and import value of NZD 4.2 billion.
The value of all imports into New Zealand in November rose by NZD 382 million, compared to imports during the same period in 2010. The rise of 10 percent was driven mainly by greater imports of crude oil and fertilizers.
Exports rose by NZD 251 million in November, which is equivalent to a 6.8 percent jump in the value of exports, compared to November 2010. The increase is primarily due to an hike in the volume of traded butter, cheese and milk powder.
According to Statistics New Zealand, the month of November typically sees a trade deficit, with an average deficit of 16 percent of exports over the previous five Novembers.
The trade balance for New Zealand for the year ended November 2011 was a surplus of over NZD 555 million.