Foreign trade in goods statistics provide information on imports and exports of goods between New Zealand and other countries. Alternative for exports and imports of goods in June 2024 compared to June 2023, a decrease in exports of goods was recorded by $7.4 million, which is equivalent to 0.1 percent, as the value of exports in June 2024 amounted to about $6.2 billion. Data indicate that exports of powdered milk, butter and cheese were the main reason behind this decline in exports, as sales of these products declined by $172 million, equivalent to 10%, with the value of sales reaching $1.5 billion.
This decline in exports of powdered milk, butter, and cheese is attributed to various factors that may include changes in global demand for these products, changes in prices, or challenges in production and export. More data and influencing factors must be studied to understand and analyze these declines more deeply. There may be other factors affecting the performance of commodity exports in general, and therefore market developments should be monitored and appropriate measures taken to enhance commodity exports in the future. Prices of other dairy products, including infant formula, casein and caseinate, rose during this period.
Infant formula is included in milk, cereal, flour and starch preparations, the value of which increased by about $94 million (57%) to reach $258 million. The increase in fruit exports more than offset the decline in exports, with exports rising by $95 million (18%) to $610 million. This increase was led by kiwi exports, which rose by $73 million (21%) to $423 million.
Regarding imports, a decrease in goods imports of $821 million, which is equivalent to 13 percent, was recorded in June 2024, with the value of imports amounting to approximately $5.5 billion, compared to June 2023.
The most important monthly export movement by country
In June 2024, the monthly export movement of major export partners, compared to June 2023, was recorded as follows:
China: Total exports to China decreased by $142 million, equivalent to 9.1 percent of total exports. China’s imports witnessed a significant increase in milk products, cereals, flour and starch, increasing by $73 million. Imports of petroleum and its products also increased by $35 million, and imports of aircraft and their parts by $19 million. On the other hand, China saw a significant decline in imports of powdered milk, butter and cheese by $134 million, a decline in imports of meat and edible offal by $102 million, and a decline in imports of lumber, timber and wood products by $47 million.
Australia: Total exports decreased by $74 million (9.2 percent). The largest increase was in exports of milk preparations, cereals, flour and starch, which rose by about $13 million. The largest declines were in petroleum and products, which fell by $65 million; precious metals, jewelry and coins, down $29 million; and iron, steel and materials, down $12 million.
United States of America: Total exports increased by $91 million (12 percent.*The largest increases were in imports of edible meat and offal, an increase of $47 million; casein and caseinates, an increase of $24 million; and machinery and mechanical equipment, an increase of $17 million. The largest decline was in iron and steel and commodities, which fell by $16 million.
EU: Total exports increased by $129 million (34 percent) with the largest increases being in fruit imports, an increase of $65 million; machinery and mechanical equipment, an increase of $43 million; and edible meat and offal, an increase of $11 million. There were no significant declines in value over $10 million.
Japan: Total exports decreased by $4.1 million (1.1 percent)
The most important monthly import movement by country
The monthly movements in June 2024, compared to June 2023, for our major import partners (by total annual merchandise imports) were as follows:
China: Total imports increased by $11 million (0.9 percent), with the largest increase in fertilizers, which rose by $22 million. The largest declines were in machinery and mechanical equipment, a decrease of $22 million; textiles and textile ware, a decrease of $14 million; And toys and sporting supplies, a decrease of $12 million.
European Union: Total imports increased by $33 million (3.3 percent) with the largest increases being in imports of aircraft and aircraft parts, an increase of $141 million; Weapons and ammunition, an increase of $11 million. The largest declines were in machinery and mechanical equipment, a decrease of $35 million; pharmaceutical products, down $29 million; and electrical machinery and equipment, a decrease of $13 million.
Australia: Total imports decreased by $69 million (10 percent) and there were no significant increases in amounts above $10 million. The largest declines were in vehicles, parts and accessories, down $14 million; and pharmaceutical products, a decrease of $13 million.
USA: Total imports decreased by $49 million (8.4 percent) with the largest increase in machinery and mechanical equipment, which increased by $21 million. The largest declines were in food and feed waste, which fell by $22 million; and petroleum and its products, which decreased by $13 million.
South Korea: Total imports decreased by $54 million (14 percent) and there were no significant increases in amounts above $10 million. The largest decline was in vehicles, parts and accessories, which fell by $31 million.
Trade surplus in June 2024
The monthly trade balance achieved a surplus of $699 million. June 2024 quarter, seasonal adjustments to the values are recorded and compared with the third quarter of 2024 (March). Below are the results:
Goods exports: Goods exports decreased by 0.1 percent, which is equivalent to $10 million, to reach $17.7 billion, after rising by 5.5 percent in the third quarter of 2024.
Imports of goods: Imports of goods increased by 4.4 percent, which is equivalent to $828 million, to reach $19.8 billion, after decreasing by 1.7 percent in the third quarter of 2024.
Quarterly trade balance: The quarterly trade balance recorded a deficit of $2.2 billion, which means that the value of imports exceeded the value of exports by that value.
For the annual values for June 2024, they were compared to the year ending June 2023, and the results were as follows:
Annual merchandise exports: Annual merchandise exports amounted to $68.7 billion, decreased by $4.0 billion compared to the previous year.
Annual merchandise imports: The value of annual merchandise imports amounted to $78.1 billion, and decreased by $10.7 billion compared to the previous year.
Annual trade deficit: The annual trade deficit reached $9.4 billion, and this indicates that the value of imports exceeded the value of exports by that value. In the year ending June 2023, the annual trade deficit was $16.1 billion.
Alt text for Goods Exports and Imports, June 2024 Compared to June 2023: Shows goods exports and imports for June 2024 compared to June 2023. The trade balance achieves a surplus of $699 million. This represents the difference between exports of $6.2 billion (down $7.4 million, or 0.1 percent) and imports of $5.5 billion (down $821 million). Export goods that rose included: fruit, up $95 million (18 percent); and dairy products.
