Total goods exports in September hit $5 billion. Photo / Michael Craig
Goods exports were up and imports were down in September compared with a year before, new merchandise trade data from Stats NZ shows.
The arrival of a Boeing 777 and some related aircraft engine imports also featured in the latest trade stats.
“ target="_blank">Exports jumped a whopping 5.2% year on year, while imports fell 0.9%,” said Shannon Nicoll, Moody’s Analytics associate economist.
The value of fruit exports more than doubled. And total exports rose by $246 million on September last year, reaching $5 billion.
That was the second-highest September export number recorded, but the monthly trade balance was a deficit of $2.1b.
That deficit was down from $2.4b a year earlier.
“The incredible export run will not last much longer, with the typical export season for the fruit lasting only until November,” Nicoll said.
“On the imports side, the shallow declining trend of recent months continued.”
Nicoll said New Zealanders were still reluctant to shell out for big-ticket items, and vehicle imports suffered, with weakness even more pronounced for electric cars.
“In trend terms, both sides of trade are flat. As New Zealand awaits stronger demand from abroad, export growth will stay slow.
“Export growth in the Chinese market has been particularly bothersome this year.”
Nicoll said easing monetary policy, with the Official Cash Rate (OCR) coming down, will boost local demand for international goods, and business demand for intermediate goods, so consumers may soon feel ready to spend with more vigour.
Goods imports fell by $67m or 0.9% to $7.1b.
Fruit exports were up $233m compared with September 2023.
Stats NZ said kiwifruit exports rose $212m or 117% and apple exports were up by $7.3m or 23%.
Milk powder, butter and cheese exports were up by $147m.
Logs, wood and machinery export values were also up.
Crude oil, casein, aluminium and vegetable fat exports were down year on year.
Exports to Japan, Australia and China were all down compared with September last year.
But exports to the US rose by $11m and exports to the European Union were up by $183m.
Fruit exports to the EU rose $109m year on year.
Imports of aircraft, machinery and precious metals were up.
Imports from the US were up by $330m, mostly because of a rise in imports of aircraft and aviation parts from that country, up $320m.
Air New Zealand’s general manager of strategy, networks and fleet Baden Smith said a Boeing 777-367ER arrived last month.
Smith said Air New Zealand brought the aircraft in to support its schedule as the airline awaited its new aircraft.
“Additionally, imports of engines over the past couple of months may have also contributed to the total being higher than usual,” Smith added.
But car and vehicle accessories and parts were down by $349m or 41%.
Cereal and fodder imports were down year on year.
Imports from China were down by $158m on September last year. Imports from South Korea and Australia were also down.
But imports from the EU were up slightly, and imports from the US were up $330m or 51%.
The data released this morning excluded services imports and exports.