Imports continue to ramp up as end of year approaches

The monthly value of goods imports in October 2021 rose $1.4 billion (26 percent) from October 2020, to $6.6 billion, Stats NZ said today.

This increase was led by rises in mechanical machinery and equipment, such as turbo jets and laptops, up $279 million, and vehicles, parts, and accessories, up $239 million.

“These rises reflect both a rebound from the low import values in 2020, and an ongoing increase in the quantity and value of imports,” international trade manager Alasdair Allen said.

There were increases in imports from all our top trading partners, with China making up 27 percent of the total rise.

Imports of fertilisers were up $106 million (78 percent), reaching $241 million. There was also a large increase in imports of pharmaceutical products, up $104 million (85 percent), led by imports of vaccines.

Dairy, beef, and lamb exports rise in October

The monthly value of goods exports in October 2021 rose $552 million (12 percent) from October 2020, to $5.3 billion.

The leading export commodity group movement was milk powder, butter, and cheese, up $223 million (18 percent) to $1.5 billion. Milk powder rose $134 million (19 percent), due to an 18 percent rise in price per kilogram.

Meat exports were up $116 million (25 percent), to $584 million. The increase in exports to China accounted for 43 percent of this rise. Total sheep meat exports rose $62 million (25 percent), and the price per kilogram increased 26 percent.

“Total goods exports in October 2021 were up on the same month of 2020, led by dairy products, beef, and sheep meat,” Mr Allen said. “The rises in primary commodities were all led by higher export prices.”

Partly offsetting these rises were falls in aircraft and parts, down $72 million, after several aircrafts were sent overseas in 2020 for long-term storage.

Food preparations (a commodity group that includes infant formula) also decreased, down $66 million. Annual exports of food preparations in the year ended October 2021 have fallen $308 million (13 percent) from the year ended October 2020, to $2.1 billion.

Monthly goods trade deficit

The monthly goods trade balance for October 2021 was a deficit of $1.3 billion. October 2020 had a $471 million deficit.

Annual goods trade deficit

For the year ended October 2021, annual goods imports were up 16 percent from the previous year, to $67 billion. Annual goods exports were up 3.3 percent from the previous year, to $62 billion. The annual goods trade balance was a deficit of $4.9 billion.