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July exports high, but trend easing
26
Aug '08
Merchandise exports were valued at $3.4 billion in July 2008, up $781 million (29.6 percent) on July 2007, while merchandise imports were up $754 million (21.9 percent) to $4.2 billion over the same period, Statistics New Zealand said.

The exports trend has eased in recent months, following a period of strong growth in the second half of 2007. A fall in seasonally adjusted dairy volumes in the first two quarters of this year, due to the recent drought, has partly offset the influence on the trend of the substantial increase in crude oil exports over the past year. The imports trend has increased strongly since the middle of 2007.

Petroleum and products (up $292 million), led by crude oil, was the biggest increase for imports compared with July 2007. The next largest increase came from mechanical machinery, up $82 million.

In July 2008, the monthly trade balance was a deficit of $781 million, or 22.8 percent of exports. Trade deficits for July months have been over 20 percent of exports for the last four years. The last trade surplus for a July month was in 1991.

Statistics New Zealand

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