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Oil behind rise in exports again
Jan '08
The total value of merchandise exports in November 2007 rose 18.4 percent compared with November 2006, Statistics New Zealand said. This is the second consecutive month to see a large increase driven by petroleum and products. Combined, these two commodity groups made up a third of all exports and accounted for over 90 percent of the increase from November 2006.

Petroleum and products exports also showed a large increase, with crude oil making up most of the change. Merchandise imports in November 2007 were valued at $3.9 billion, the second highest figure for any month, following the record set in October 2007.

In November 2007, the monthly trade balance was a deficit of $646 million, down from the two largest November deficits, recorded in 2005 ($1.2 billion) and 2006 ($820 million). It is typical for the November month to be in deficit – a November surplus was last seen in 1991.

Statistics New Zealand

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