Singapore leads Southeast Asia growth in imports

The value of trade in both imports and exports with Southeast Asia has grown significantly in the year ending June 2023, according to figures released by Stats NZ. Of the countries in Southeast Asia, imports from Singapore rose the most, up $3.1 billion (131 percent) from the year ending June 2022, to $5.4 billion.

The largest rise was petroleum and products other than crude oil, up $3.1 billion (212 percent) from $1.5 billion, to a total of $4.6 billion.

“Singapore’s oil refining facilities have led to it being a major provider of petrol and diesel imported by New Zealand,” international trade manager Alasdair Allen said today.

Southeast Asia as defined by ASEAN includes the following countries: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam.

Overseas merchandise trade: June 2023 provides data for this news story.

In the 12 months to June 2023 other countries in the region have also shown significant changes to what New Zealand imports from them.

• Thailand – up $295 million (9.2 percent) to $3.5 billion.
  • Vehicles, up $223 million (16 percent).
  • Sugar, up $58 million (248 percent).
  • Plastics, down $42 million (22 percent).
• Malaysia – up $1.1 billion (51 percent) to $3.4 billion.
  • Petroleum and products other than crude oil, up $1.3 billion (275 percent).
  • Fertilisers, down $150 million (65 percent).
• Viet Nam – up $163 million (11 percent) to $1.6 billion.
  • Footwear, up $54 million (45 percent).
  • Furniture, up $26 million (29 percent).

Milk powder, butter, and cheese driving growth in exports to Southeast Asia

Exports of milk powder, butter, and cheese have seen increases in this region over the last year.

Of the countries in Southeast Asia, exports to Indonesia have grown the most, by $411 million (26 percent) in the 12 months to June 2023, to $2.0 billion. Contributing to this rise were increases in exports of milk powder, butter, and cheese, up $310 million (34 percent); and crude oil, up $124 million (compared with none in the previous year).

Exports to other countries in the region

• Singapore – up $359 million (24 percent) to $1.8 billion.
  • Crude oil, up $393 million (324 percent).
  • Milk powder, butter, and cheese, up $92 million (21 percent).
  • Petroleum oils other than crude, down $160 million (100 percent).
• Malaysia – up $121 million (10 percent) to $1.3 billion.
  • Milk powder, butter, and cheese, up $65 million (9 percent).
  • Preparations of milk, cereals, flour, and starch (including infant formula), up $29 million (53 percent).
• Thailand – down $30 million (2.3 percent) to $1.3 billion.
  • Milk powder, butter, and cheese, up $57 million (8.5 percent).
  • Crude oil, down $70 million to zero.

The combined Southeast Asia market represents 18 percent of New Zealand’s total imports and 11 percent of total exports over the last 12 months.

For our top import partners, China led with 22 percent, followed by the European Union (15 percent), Australia (11 percent), USA (9.4 percent) and South Korea (7.1 percent).

For our top export partners, China led with 28 percent, followed by Australia (13 percent), USA (11 percent), Japan (5.7 percent) and the European Union (6.4 percent).