New Zealand imports rise in May on motor vehicles and petroleum products

New Zealand imports rose sharply in May. Imports of motor vehicles and petroleum products pushed total imports to $4.8 billion in May 2017, showed Statistics New Zealand. Monthly imports came in at $635 million, 15 percent higher than for May 2016. Petroleum products were the lead contributor to increase petroleum products, rising 71 percent, led by crude oil.

"Crude oil and other petroleum products are imported in large, irregular shipments, which can cause large percentage fluctuations in values. This month's increase in value is much higher than in recent times", international statistics senior manager Daria Kwon said.

Meanwhile, total value of export also increased in May, coming at $5.0 billion, rising 8.7 percent. The largest rise in export values was seen in dairy commodity group that rose $342 million. Milk powder, butter and cheese all rose at least 40 percent on a year-on-year basis.

"Higher world prices for milk powder helped boost export values in recent months. Exports of dairy commodities to China led the increase in values", added Daria Kwon.

The annual trade deficit for the year ended May broadened to $3.8 billion from April’s annual deficit of $3.6 billion. Meanwhile, on a monthly basis, the trade surplus came in at $103 million in May, lower than the average surplus in recent May months.

At 23:00 GMT the FxWirePro's Hourly Strength Index of U.S. Dollar was neutral at -4.03931, while the FxWirePro's Hourly Strength Index of New Zealand Dollar was slightly bullish at 51.3549 . For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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