Dairy products lead September quarter trade surplus

Overseas Merchandise Trade: September 2012  –  Media Release

The September 2012 quarter recorded a seasonally adjusted trade surplus of $147 million, led by an increase in exports, Statistics New Zealand said today. This surplus follows trade deficits of $698 million in the March 2012 quarter and $581 million in the June 2012 quarter.

Seasonally adjusted exports rose 5.1 percent, while seasonally adjusted imports fell 1.3 percent, compared with the June 2012 quarter.

"Dairy products led the return to surplus," industry and labour statistics manager Louise Holmes-Oliver said. "Milk powder, butter, and cheese exports rose 16 percent for the quarter, with high values in July and August.”

For the September 2012 month, milk powder, butter, and cheese exports fell $77 million (11 percent) compared with September 2011. Total export values fell $136 million (3.9 percent). Imports fell $133 million (3.1 percent), led by a fall in mechanical machinery and equipment.

The trade balance for the September 2012 month was a deficit of $791 million (24 percent of exports). This compares with an average deficit of 23 percent of exports over the previous five September months.