Overseas Trade Indexes (Volumes): December 2009 quarter (provisional)

Merchandise export volumes

Seasonally adjusted export volumes decreased 1.2 percent in the December 2009 quarter, the first decrease since the September 2008 quarter. Petroleum and petroleum products, dairy products, and fruit and vegetables (fresh or prepared) were the major contributors to the decrease in volumes in the December 2009 quarter. Meat volumes increased in the quarter, partly offsetting the overall volume decrease.

 

Petroleum and petroleum products, which decreased 18.3 percent in the December 2009 quarter, contributed the most to the overall fall in export volumes. The decrease was largely due to a decrease in crude oil export volumes. Petroleum and petroleum products are not seasonally adjusted.

The next largest contributor to the overall decrease was dairy product volumes (down 4.0 percent). This decrease follows four consecutive quarterly increases. This decrease was mainly due to a 13.3 percent fall in the volume of milk powder exported for the December 2009 quarter. Also contributing to this decrease was a 15.8 percent fall in butter volumes. Exported cheese volumes partly offset these decreases, with an increase of 46.1 percent for the quarter. Cheese sub-category is not seasonally adjusted.

Fruit and vegetables (fresh or prepared) also contributed significantly to the decrease in export volumes, declining 14.9 percent in the December 2009 quarter. This decrease was the result of a decline in volumes for fresh kiwifruit, fresh or prepared vegetables, and fresh apples. The kiwifruit sub-index is not seasonally adjusted.

Partly offsetting the overall decrease in export volumes was an increase in meat volumes (up 12.3 percent) in the December 2009 quarter. All the meat sub-indexes increased in the December 2009 quarter, with lamb, hogget, and mutton (up 18.6 percent) contributing the most to the overall increase in meat. This quarter’s increase in meat volumes reverses the decrease shown in the previous quarter, with the level now the same as the June 2009 quarter.

Merchandise import volumes

Seasonally adjusted import volumes rose 1.6 percent in the December 2009 quarter, the second consecutive rise, following a 2.0 percent rise in the September 2009 quarter. Capital goods and passenger motor cars were the main contributors to the rise. Intermediate goods was the only major broad economic category to record a decrease in the current quarter.

 

Capital goods rose 8.2 percent in the December 2009 quarter and were the largest contributor to the overall rise in import volumes. The major contributor to the increase was capital machinery and plant (not transport equipment), which rose 4.3 percent, led by mobile phones. The volatile capital transport equipment sub-index fell 22.6 percent due to fewer imports of aircraft.

Passenger motor car volumes rose 32.2 percent in the December 2009 quarter. This is the third consecutive quarterly increase, and volumes are now more than double the low of the March 2009 quarter, but are still 21.6 percent lower than the peak in the December 2007 quarter. Used petrol cars with cylinder capacities between 1500 and 3000cc led the increase in the latest quarter.

Motor spirit volumes rose 37.9 percent in the December 2009 quarter, following a fall of 16.6 percent in the September 2009 quarter. Regular petrol was the main contributor to the rise in the latest quarter. Petroleum imports shipments can be irregular, which may give rise to large fluctuations in quantities and values.

Consumption goods volumes rose 1.1 percent in the December 2009 quarter, with increases recorded in all but the primary food and beverages for household sub-category. Although this is the third consecutive quarterly increase for consumption goods, they are still 9.7 percent lower than the high in June 2008 quarter. Durable goods (up 5.4 percent) were the main contributor to the rise in consumption goods.

Intermediate goods volumes, which fell 1.3 percent in the December 2009 quarter, were the only major broad economic category to record a decrease. Parts and accessories of capital and transport equipment (down 15.3 percent) was the largest contributor, mainly due to a fall in aircraft parts imported. Processed fuels and lubricants (down 19.2 percent) was the next largest contributor due to a decline in partly-refined petroleum. Partly offsetting the overall decrease in intermediate goods were processed industrial supplies (up 8.0 percent) and primary fuels and lubricants (up 13.2 percent).

Updates to previously published data

The overseas trade indexes are provisional for one quarter to allow for the receipt and editing of late and amended trade documentation. The following table shows updates to unadjusted indexes and values.  

 

The import and export merchandise series in this release are calculated from the same data as used in the Overseas Merchandise Trade: January 2010 monthly release published on 26 February 2010. Updates published after this date will be included in subsequent overseas trade index (volumes) releases.

For technical information contact:
Soni Makaafi or Scott Davis
Christchurch 03 964 8700
Email: overseastrade@stats.govt.nz.  

 

Next releases ...

Overseas Trade Indexes (Prices): March 2010 quarter (provisional) 
and
Overseas Trade Indexes (Volumes): March 2010 quarter (provisional)
will both be released on 10 June 2010.