Overseas Merchandise Trade 20 December

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 November 2024, compared with November 2023:

• goods exports rose by $540 million (9.1 percent), to $6.5 billion
• goods imports fell by $281 million (3.9 percent), to $6.9 billion
• the monthly trade balance was a deficit of $437 million.

Text alternative for Goods imports and exports, November 2024 month compared with November 2023 month

Exports

Goods exports rose by $540 million (9.1 percent) in November 2024 (to $6.5 billion), compared to November 2023.

Milk powder, butter, and cheese lead exports rise

Milk powder, butter, and cheese rose $239 million (12 percent), to $2.3 billion.

Changes in exports of milk powder, butter, and cheese, November 2023 to November 2024

Other dairy-based products, including infant formula, rose this period, and casein and caseinates fell during this period.

Infant formula is included in preparations of milk, cereals, flour, and starch, which rose $26 million (12 percent), to $254 million.

Fruit, up $32 million (162 percent), to $52 million. This was led by kiwifruit, which rose $18 million, to $19 million.

Sweet season for kiwifruit exports has more information.

Top monthly export movements by country

The monthly movements in November 2024, compared with November 2023, for our top export partners (in order of total annual goods exports) were:

• China: total exports were up $106 million (6.3 percent).
  • The largest rises were milk powder, butter, and cheese, up $176 million; preparations of milk, cereals, flour, and starch, up $24 million; and organic chemicals, up $11 million.
  • The largest falls were meat and edible offal, down $50 million; logs, wood, and wood articles, down $38 million; and pharmaceutical products, down $14 million.
• Australia: total exports were up $62 million (8.4 percent).
  • The largest rises were precious metals, jewellery, and coins, up $34 million; and fruit, up $15 million.
  • The largest fall was beverages, spirits, and vinegar, down $11 million.
• USA: total exports were up $85 million (12 percent).
  
  • The largest rises were meat and edible offal, up $28 million; iron and steel, and articles, up $17 million; and beverages, spirits, and vinegar, up $14 million.
  • The largest fall was miscellaneous edible preparations, down $10 million.
• EU: total exports were up $74 million (27 percent).
  
  • The largest rises were meat and edible offal, up $24 million; milk powder, butter, and cheese, up $20 million; and aluminium and aluminium articles, up $13 million.
  • The largest fall was mechanical machinery and equipment, down $10 million.
• Japan: total exports were up $19 million (7.2 percent).
  
  • The largest rise was logs, wood, and wood articles, up $15 million.
  • The largest fall was milk powder, butter, and cheese, down $15 million.

Imports

Goods imports fell by $281 million (3.9 percent), in November 2024 (to $6.9 billion), compared with November 2023.

Vehicles, parts, and accessories fell $115 million (31 percent), to $683 million. This was led by passenger cars falling $107 million (20 percent), to $427 million, which was in turn led by electric passenger cars falling $29 million (34 percent), to $55 million.

Top monthly import movements by country

The monthly movements in November 2024, compared with November 2023, for our top import partners (in order of total annual goods imports) were:

• China: total imports were down $29 million (1.7 percent).
  • The largest rises were petroleum and products, up $48 million; fertilisers, up $28 million; and iron and steel, and articles, up $18 million.
  • The largest falls were mechanical machinery and equipment, down $66 million; vehicles, parts, and accessories, down $45 million; electrical machinery and equipment, down $20 million.
• EU: total imports were down $163 million (16 percent).
  • The largest rise was animal or vegetable fats and oils, up $11 million.
  • The largest falls were aircraft and parts, down $149 million; vehicles, parts, and accessories, down $43 million; optical, medical, and measuring equipment, down $11 million.
• Australia: total imports were up $101 million (14 percent).
  
  • The largest rises were sugars and sugar confectionery, up $24 million; cereals, up $18 million; and electrical machinery and equipment, up $12 million.
  • The largest fall was salt, earths, stone, lime, and cement, down $12 million.
• USA: total imports were up $41 million (7.2 percent).
  
  • The largest rises were mechanical machinery and equipment, up $36 million; and electrical machinery and equipment, up $29 million.
  • There were no significant falls over $10 million.
• South Korea: total imports were down $61 million (12 percent).
  
  • There were no significant rises over $10 million.
  • The largest falls were petroleum and products, down $64 million; and vehicles, parts, and accessories, down $17 million.

Trade deficit in November 2024

The monthly trade balance was a deficit of $437 million.

November 2024 year

Annual values are actual and compared with the year ended November 2023:

• Annual goods exports were valued at $70.1 billion, up $783 million from the previous year.
• Annual goods imports were valued at $78.3 billion, down $4.9 billion from the previous year.
• The annual trade deficit was $8.2 billion. In the year ended November 2023 the annual trade deficit was $13.5 billion.

Text alternative for Goods imports and exports, November 2024 month compared with November 2023 month

The diagram shows goods exports and imports for the November 2024 month compared with the November 2023 month.

The trade balance is a deficit of $437 million. This is the difference between exports valued at $6.5 billion (up $540 million or 9.1 percent) and imports valued at $6.9 billion (down $281 million or 3.9 percent).

Export commodities that rose included: milk powder, butter, and cheese, up $239 million (12 percent); crude oil*, up $73 million; precious metals, jewellery, and coins, up $44 million (51 percent); and fruit, up $32 million (162 percent).

Export commodities that fell included: casein and caseinates, down $31 million (22 percent); iron and steel, and articles, down $17 million (20 percent); mechanical machinery and equipment, down $14 million (6.2 percent); and miscellaneous edible preparations, down $12 million (7.8 percent).

Import commodities that rose included: fertilisers, up $68 million (123 percent); electrical machinery and equipment, up $55 million (7.3 percent); food residues, wastes, and fodder, up $45 million (35 percent); and sugars and sugar confectionery, up $35 million (103 percent).

Import commodities that fell included: petroleum and products*, down $346 million (32 percent); aircraft and parts*, down $160 million (74 percent); vehicles, parts, and accessories, down $115 million (14 percent); and salt, earths, stone, lime, and cement, down $39 million (71 percent).

* Imports and exports of petroleum and products, crude oil, and aircraft and parts 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 2020 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

Aaron McRae
04 931 4600
[email protected]

ISSN 1178-0320

Next release

Overseas merchandise trade: December 2024 will be released on 30 January 2025.