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New Zealand Has NZ$261 Million Trade Surplus In June

newzealandcpi 071510

New Zealand posted a merchandise trade surplus of NZ$261 million in June, Statistics New Zealand said on Monday - down from NZ$489 million in May.

Exports climbed NZ$871 million or 17 percent on year to NZ$5.95 billion, up from NZ$5.89 billion in the previous month.

Imports jumped NZ$1.1 billion or 24 percent on year to NZ$5.69 billion, up from NZ$5.4 billion a month earlier.

Exports of logs and wood reached a new high, up NZ$105 million (23 percent) from June 2020 to NZ$561 million in June 2021. This increase was driven by logs. Logs' export value rose NZ$87 million to reach record levels, driven by an increase in unit values (up 26 percent).

"The average value of untreated log exports has been steadily rising from the low in July 2020 to reach NZ$199 per cubic metre in June 2021," international trade manager Alasdair Allen said.

Beef exports rose NZ$31 million to reach a new high of NZ$411 million in June 2021, compared with June 2020. This increase was quantity driven, with volumes up 8.5 percent. The previous high for beef export values was in the March 2020 month (NZ$405 million).

Milk powder, butter, and cheese also drove the rise in total exports, up NZ$384 million (31 percent). Kiwifruit also rose NZ$129 million (43 percent) from June 2020.

China continues to receive the largest share of New Zealand exports. In June 2021, China received 32 percent of New Zealand's total exports. China received NZ$703 million (44 percent) of dairy, NZ$367 million (90 percent) of logs, and NZ$329 million (41 percent) of meat.

For the second quarter of 2021, exports were up NZ$1.5 billion or 9.2 percent on year to a record NZ$17.2 billion following a 1.4 percent fall in Q1.

Imports spiked NZ$3.4 billion or an annual 27 percent to NZ$16.1 billion following an 8.1 percent rise in the first quarter.

The quarterly trade balance showed a deficit of NZ$601 million.

In the year to June, annual goods exports were valued at NZ$60.4 billion, up NZ$180 million (0.3 percent) from the previous year.

Annual goods imports were valued at NZ$60.7 billion, down NZ$699 million (1.1 percent) from the previous year.

The annual goods trade balance was a deficit of NZ$252 million. In the year ended June 2020, there was a deficit of NZ$1.1 billion.

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