Exports Grow

Overseas Merchandise Trade: August 2000

The value of merchandise exports has continued to grow, according to Statistics New Zealand. The exports trend has been rising slightly faster than the imports trend since October 1999, resulting in a slow reduction of the deficit in the trade balance trend. The higher than average volume of oil imports recorded in August 2000 statistics has lifted the imports trend line above that recorded previously.

The provisional value of merchandise exports for August 2000 is $2,381 million, compared with merchandise imports valued at $2,745 million, putting the trade balance for the month into deficit by $364 million. The average trade balance for the 10 previous August months was a deficit of $208 million.

The provisional value of merchandise exports for the year ended August 2000 is $26,812 million, up 17.2 per cent from the previous year ended August. The provisional merchandise trade balance for the year ended August 2000 is a deficit of $3,100 million compared with a deficit of $1,893 million for the previous August year. Included in the year ended August 2000 trade balance is $631 million for the imported frigate HMNZS Te Mana.

A wide range of commodities showed strong growth for the year ended August 2000. The commodities contributing most to the annual growth in exports for the year were meat and edible offal; logs, wood and wood articles; and aircraft and parts (includes re-exports of aircraft).

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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