New Zealand’s total imports rise in June on sharp rise in car imports, dairy sales boost exports

New Zealand’s total imports for the month of June rose sharply, owing to the surge in car imports. Car imports topped half a billion dollars for the first time in June 2017. Total imports in June reached NZD 4.5 billion in June, up NZD 319 million or 7.7 percent on a year-on-year basis, showed Statistics New Zealand.

Meanwhile, exports grew NZD 454 million or 11 percent year-on-year to reach NZD 4.7 billion in the month. The exports were boosted by dairy sales, particularly to China. Milk powder, cheese and butter continue to strengthen, rising NZD 372 million to NZD 1.2 billion. Dairy exports to China rose in value as well as in quantity.

New Zealand’s trade balance came in at a surplus of NZD 242 million in June, the fourth straight surplus. Meanwhile, on an annual basis, the trade deficit for the year ended June 2017 came in at NZD 3.7 billion, as compared with the NZD 3.8 billion deficit recorded in the year ended May 2017.

The seasonally adjusted value of exported goods rose NZD 1.2 billion or 9.9 percent to NZD 13.5 billion in the second quarter when compared with the first quarter. The value of imported goods rose 2.9 percent to NZD 14 billion.

In June, the trade deficit came in at NZD 479 million, the 13th straight quarterly trade deficit, and follows the largest quarterly shortfall in the March 2017 quarter.