Overseas merchandise trade 29 January

Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

Key facts

This release refers to trade in goods only.

In December 2023, compared with December 2022:

• goods exports fell by $568 million (8.7 percent), to $5.9 billion
• goods imports fell by $896 million (13 percent), to $6.3 billion
• the monthly trade balance was a deficit of $323 million.

Text alternative for Goods exports and imports, December 2023 month compared with December 2022 month

Exports

Goods exports fell by $568 million (8.7 percent) in December 2023 (to $5.9 billion), compared with December 2022.

Milk powder, butter, and cheese lead export fall

Milk powder, butter, and cheese fell $520 million (23 percent), to $1.79 billion.

Changes in exports of milk powder, butter, and cheese, December 2022 to December 2023

Other dairy-based products including infant formula and casein also fell.

Infant formula is included in preparations of milk, cereals, flour, and starch, which fell by $31 million (12 percent) to $227 million.

China leads top monthly fall in exports

The monthly movements in December 2023, compared with December 2022, for our top export partners (in order of total annual goods exports) were:

• China: total exports were down $295 million (16 percent).
  • The largest rises were logs, wood, and wood articles, up $16 million and fish, crustaceans, and molluscs, up $15 million.
  • The largest falls were milk powder, butter, and cheese, down $209 million and live animals, down $37 million.
• Australia: total exports were down $6.0 million (0.8 percent).
  • The largest rises were crude oil, up $71 million and precious metals, jewellery, and coins, up $20 million.
  • The largest falls were milk powder, butter, and cheese, down $36 million and wine down $25 million.
• USA: total exports were down $38 million (4.6 percent).
  • The largest rises were meat and edible offal, up $62 million and iron and steel, and articles, up $11 million.
  • The largest falls were milk powder, butter, and cheese, down $48 million and pharmaceutical products, down $11 million.
• EU: total exports were down $75 million (20 percent).
  • There were no significant rises over $10 million.
  • The largest falls were milk powder, butter, and cheese, down $22 million and casein and caseinates, down $19 million.
• Japan: total exports were down $54 million (17 percent).
  • There were no significant rises over $10 million.
  • The largest falls were milk powder, butter, and cheese, down $16 million and casein and caseinates, down $13 million.

Imports

Goods imports fell by $896 million (13 percent), in December 2023 (to $6.3 billion), compared with December 2022.

Petroleum and products offset fall in imports

Petroleum and products rose $534 million (115 percent) to $999 million.

United States leads top monthly fall in imports

The monthly movements in December 2023, compared with December 2022, for our top import partners (in order of total annual goods imports) were:

• China: total imports were down $185 million (12 percent).
  • The largest rise was fertilisers, up $13 million.
  • The largest falls were electrical machinery and equipment, down $57 million and textiles and textile articles, down $29 million.
• EU: total imports were down $152 million (14 percent).
  • The largest rise was aircraft and parts, up $28 million.
  • The largest falls were mechanical machinery and equipment, down $31 million and vehicles, parts, and accessories, down $24 million.
• Australia: total imports were down $79 million (9.8 percent).
  • The largest rise was sugars and sugar confectionery, up $31 million.
  • The largest falls were fertilisers, down $17 million and salt, earths, stone, lime, and cement, down $12 million.
• USA: total imports were down $390 million (40 percent).
  • The largest rise was mechanical machinery and equipment, up $33 million.
  • The largest falls were aircraft and parts, down $279 million and food residues, wastes, and fodder, down $38 million.
• South Korea: total imports were up $356 million (113 percent).
  • The largest rise was petroleum and products, up $411 million.
  • The largest falls were vehicles, parts, and accessories, down $41 million and electrical machinery and equipment, down $11 million.

Trade deficit in December 2023

The monthly trade balance was a deficit of $323 million.

December 2023 quarter

December 2023 quarterly values are seasonally adjusted and compared with the September 2023 quarter.

• Goods exports rose $270 million (1.6 percent), following a 8.5 percent fall in the September 2023 quarter.
• Goods imports fell $521 million (2.6 percent), following a 4.0 percent fall in the September 2023 quarter.
• The quarterly trade balance was a deficit of $2.6 billion.

December 2023 year

Annual values are actual and compared with the year ended December 2022.

• Annual goods exports were valued at $68.7 billion, down $3.3 billion from the previous year.
• Annual goods imports were valued at $82.3 billion, down $4.3 billion from the previous year.
• The annual trade deficit was $13.6 billion. In the year ended December 2022 there was a deficit of $14.6 billion.

Text alternative for Goods exports and imports, December 2023 month compared with December 2022 month

The diagram shows goods exports and imports for the December 2023 month compared with the December 2022 month.

The trade balance is a deficit of $323 million. This is the difference between exports valued at $5.9 billion (down $568 million or 8.7 percent) and imports valued at $6.3 billion (down $896 million or 13 percent).

Export commodities that rose included: crude oil*, up $85 million (125 percent); iron and steel, and articles, up $44 million (87 percent); meat and edible offal, up $39 million (5.1 percent); mechanical machinery and equipment, up $30 million (15 percent).

Export commodities that fell included: milk powder, butter, and cheese, down $520 million (23 percent); casein and caseinates, down $48 million (26 percent); wood pulp and waste paper, down $37 million (40 percent).

Import commodities that rose included: petroleum and products*, up $534 million (115 percent); sugars and sugar confectionery, up $21 million (42 percent); pharmaceutical products, up $16 million (8.7 percent).

Import commodities that fell included: aircraft and parts, down $251 million (82 percent); vehicles, parts, and accessories, down $180 million (17 percent); electrical machinery and equipment, down $123 million (20 percent); food residues, wastes, and fodder down $107 million (55 percent).

*Exports and imports of crude oil and petroleum and products fluctuate month to month based on individual large movements.

Source: Stats NZ

More data

Use Infoshare to access time-series data for imports and exports.

Subject category: Imports and exports

Overseas merchandise trade datasets has CSV data for goods imports and exports.

International trade: September 2023 quarter has information on trade in goods and services.

Definitions and metadata

Overseas merchandise trade – DataInfo+ provides the definitions of terms used in this release and general methodology used to produce overseas merchandise trade statistics.

Technical enquiries

Henry Han
04 931 4600
[email protected]

ISSN 1178-0320

Next release

Overseas merchandise trade: January 2024 will be released on 22 February 2024.