Overseas Merchandise Trade: July 2009 – Media Release
The value of both merchandise imports and exports fell in July 2009 compared with July 2008, down 20.9 percent and 7.3 percent respectively, Statistics New Zealand said today. In percentage terms, the decrease in imports is the second largest monthly fall since February 1993 and closely follows the 21.8 percent fall in May 2009. The July 2009 fall in imports is from a high level in July 2008.
Most import categories showed decreases in July 2009, with significant contributions coming from imports of petroleum and products, down $294 million (35.1 percent), and vehicles, parts, and accessories, down $220 million (46.2 percent).
The $252 million decrease in export values in July 2009 was led by a price-driven decrease in crude oil exports, down $119 million (37.8 percent). Meat and edible offal exports were down $50 million (11.5 percent), due to lower quantities. The value of New Zealand’s largest export category, milk powder, butter and cheese, was almost the same as July 2008, despite quantities being over 50 percent higher.
The trends for merchandise import and export values both peaked in the latter half of 2008 and have been declining since then, with imports showing the largest decline. The trend for the value of merchandise imports has been declining since August 2008, and is down 22.5 percent since then. In comparison, the trend for the value of merchandise exports has been declining since October 2008, and is down 7.4 percent since then.
The trade balance for July 2009 was a deficit of $163 million, or 5.1 percent of the value of exports. This compares with an average July deficit of 23.6 percent of exports for the previous five years.
| Geoff Bascand |
27 August 2009 |
| Government Statistician |
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For media enquiries contact:
Louise Holmes-Oliver
Christchurch 03 964 8700
Email: overseastrade@stats.govt.nz