Dairy, meat lead increase in exports

Exports were up $521 million in the June quarter, with meat and dairy leading the charge.

Exports climbed 4.5 percent to $12.2 billion in the June 2011 quarter, figures from Statistics New Zealand show, with dairy and meat making up the vast majority of that amount.

Adjusted to reflect seasonal fluctuations, the value of exported goods increased by $521 million.

“Dairy products and meat contributed nearly 80 percent of the total increase in export values,” overseas trade manager Stuart Jones says.

The total value of imported goods, after adjusting for seasonal effects, decreased 1.0 percent to $11.8 billion in the June 2011 quarter, led by a 20 percent decrease in capital goods.

The fall in capital goods was led by transport equipment, down 58 percent ($416 million).

The March and June 2011 quarters both included one-off imports of aircraft and parts. Excluding these, the value of goods imported increased 1.0 percent in the June 2011 quarter compared with the March 2011 quarter.

That resulted in a trade surplus of $362 million, equivalent to 3 percent of exports.

Excluding the one-off importation of aircraft and parts in May, the June 2011 quarter had a seasonally adjusted trade surplus of $577 million (4.7 percent of exports).

For the June 2011 month, exports increased $176 million compared with June 2010, while imports increased $167 million.

The trade balance for the June 2011 month was a surplus of $230 million (5.8 percent of exports). This compares with an average deficit of 7.2 percent of exports over the preceding five June months, though there was a surplus of $221 million in 2010.