Latest Figures Confirm Export Growth

Overseas Merchandise Trade: May 2000

Latest Figures Confirm Export Growth

The provisional value of merchandise exports for the May 2000 month was $2,579 million, according to Statistics New Zealand. This confirms preliminary estimates which showed export growth. The export figure compares with $2,389 million for imports and results in a trade balance surplus for the month of May. The exports trend has been growing faster than the imports trend since October 1999, and has resulted in a steady reduction of the deficit in the trade balance trend.

The merchandise trade balance for May 2000 was a surplus of $191 million. During the last 10 years the average trade balance for the month of May, including May 2000, was a surplus of $303 million.

The provisional value of merchandise exports for the year ended May 2000 was $25,457 million, up 12.6 per cent from the previous year ended May. The provisional merchandise trade balance for the year ended May 2000 was a deficit of $3,332 million compared with a deficit of $1,428 million for the previous May year. Included in the year ended May 2000 trade balance is $631 million for the imported frigate HMNZS Te Mana.

For the year ended May 2000 the commodities contributing the most to the annual growth in exports were meat and edible offal; logs, wood and wood articles; and aircraft and parts. The export value of milk powder, butter and cheese showed little change from the previous year despite the falling New Zealand dollar.

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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