While overall imports and exports rose in January 2016 in comparison to the previous year, Statistics New Zealand says the quantity of imported crude oil fell substantially as opposed to the prior period.
The increase in intermediate goods imports was offset by a substantial decline in crude oil, down $96 million. The quantity of crude oil imported fell 7.9%
“The drop in the value of crude oil imports is a result of New Zealand importing slightly less crude oil than in January 2015, but at a much lower price,” says international statistics senior manager Jason Attewell.
“The world price of crude oil has been falling consistently since mid-2014,” he says.
In January 2016, both imports and exports rose when compared with January 2015, Statistics New Zealand said today.
The total value of goods imported in January 2016 was $3.9 billion, up $261 million (7.2%) from January 2015. The total value of goods exported was $3.9 billion, up $217 million (5.9%) from January 2015.
The biggest rise in imports was in intermediate goods, up $140 million (8.9%). There was a substantial rise in consumption goods imports, up $111 million (12%). Imports of capital goods fell $34 million (4.4%).
Excluding crude oil, imports of intermediate goods rose $236 million (18%).
Exports of milk powder, butter, and cheese, as well as cherries, propelled China further ahead of Australia as New Zealand’s top export destination in January 2016.
The value and quantity of cherry exports rose to new record highs as the 2015/16 cherry season neared its end. The value increased $19 million (51%), and the quantity rose 30%, to 2,668 tonnes.
The value and number of cherry exports are anticipated to increase further in February 2016 with the closing of the cherry season.
In January 2016, there was a goods trade surplus of $8.1 million (0.2% of exports) and an annual trade deficit of $3.6 billion.
