Imports continue to recover with large increases in May

A large rise in vehicles, parts, and accessories drove the increase in total goods imports in May 2021, but this large increase was partly offset by decreases in textiles and food wastes, Stats NZ said today.

The monthly value of goods imports in May 2021 rose $1.3 billion (31 percent) from May 2020 to $5.4 billion.

"May 2021 had the largest all-time value in imports of cars for any month," international trade manager Alasdair Allen said.

"The big monthly rise in vehicle imports was largely due to a recovery from the COVID-19 pandemic."

There were increases of car imports from all our major trading partners, with Japan up $115 million, the European Union up $86 million, and the United States up $54 million.

Increase in dairy leads total rise in exports

Monthly goods exports were up $461 million to $5.9 billion. This was driven by dairy products, up $154 million (12 percent) to $1.5 billion from May 2020.

Dairy export values and volumes both rose in May 2021, compared with the same month a year before.

The increase was driven by milk powder which rose $129 million (18 percent) in value, and 18 percent in quantity.

Other drivers included fresh milk, up $33 million (42 percent) in value, and 55 percent in quantity.

The exports increase was also driven by logs, wood, and wood articles, up $108 million. This was led by a large rise in untreated logs, up $104 million (35 percent), and 32 percent in quantity.

"Exports of logs have been recovering steadily over the last four months," Mr Allen said.

Monthly trade balance

The monthly goods trade balance was a surplus of $469 million. The average monthly surplus in the previous five May months was $415 million.

Annual trade balance

Annual goods trade balance was a deficit of $62 million. This is the first annual deficit since the year ended June 2020.

The annual deficit in the May 2021 year came from the steady recovery of imports in recent months.