Exports hit a new high in March, driven by higher exports of dairy, meat, and forestry products, especially to China, Stats NZ says.
However, the value of total imported goods for the month fell $174 million (3.5%) to $4.8 billion, led by a decline in petroleum and vehicles.
Imports of petroleum and products was down $130 million. Other main contributors to the fall in imports were vehicles, parts, and accessories (down $86 million), and aircraft and parts (down $71 million). These falls were partly offset by a rise in electrical machinery and equipment, up $44 million.
In March 2019, the value of total exported goods rose $899 million (19%) from March 2018 to $5.7 billion. This was a new record for any month – the previous high for monthly exports was in December 2017.
In contrast, the value of total imported goods in March 2019 fell $174 million (3.5%) to $4.8 billion in March 2019.
The monthly trade balance was a surplus of $922 million, the highest since the April 2011 record goods trade surplus for all months ($1.2 billion).
“Despite March 2019 being a strong month for exports, imports have been generally rising faster than exports in recent months,” international statistics manager Tehseen Islam says.
“The annual goods trade deficit remains at high levels – it was $5.6 billion in the March 2019 year.”
Exports of dairy products led the rise in exports, up $264 million (22%) to $1.4 billion in March 2019.
This rise was led by milk powder, up $226 million on a year earlier. The rise was quantity-led, but unit values also rose, up 6.5% on March 2018. There were contrasting movements in other dairy commodities: the value of cheese exports rose $42 million, while butter exports fell, also by $42 million.
Other main contributors to the rise in total exports were meat and edible offal, food preparations (a commodity group that includes infant formula), forestry products, and fruit.
Of our main export markets, China had the largest increase, up $522 million (52%) to $1.5 billion.
“Exports to China were the leading contributor to increases in several primary sector commodities including dairy products, beef, lamb, and forestry products,” Islam says.
