Overseas Merchandise Trade 22 July

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 June 2024, compared with June 2023:

• goods exports fell by $7.4 million (0.1 percent), to $6.2 billion
• goods imports fell by $821 million (13 percent), to $5.5 billion
• the monthly trade balance was a surplus of $699 million.

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

Exports

Goods exports fell by $7.4 million (0.1 percent) in June 2024 (to $6.2 billion), compared with June 2023.

Milk powder, butter, and cheese lead exports fall

Milk powder, butter, and cheese fell $172 million (10 percent), to $1.5 billion.

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

Infant formula is included in preparations of milk, cereals, flour, and starch, which rose $94 million (57 percent) to $258 million.

Offsetting the fall in exports was an increase in fruit, up $95 million (18 percent) to $610 million. This was led by kiwifruit, which rose $73 million (21 percent) to $423 million.

Top monthly export movements by country

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

• China: total exports were down $142 million (9.1 percent).
  • The largest rises were preparations of milk, cereals, flour, and starch, up $73 million; petroleum and products, up $35 million; and aircraft and parts, up $19 million.
  • The largest falls were milk powder, butter, and cheese, down $134 million; meat and edible offal, down $102 million; and logs, wood, and wood articles, down $47 million.
• Australia: total exports were down $74 million (9.2 percent).
  • The largest rise was preparations of milk, cereals, flour, and starch, up $13 million.
  • The largest falls were petroleum and products, down $65 million; precious metals, jewellery, and coins, down $29 million; and iron and steel, and articles, down $12 million.
• USA: total exports were up $91 million (12 percent).
  • The largest rises were meat and edible offal, up $47 million; casein and caseinates, up $24 million; and mechanical machinery and equipment, up $17 million.
  • The largest fall was iron and steel, and articles, down $16 million.
• EU: total exports were up $129 million (34 percent).
  • The largest rises were fruit, up $65 million; mechanical machinery and equipment, up $43 million; and meat and edible offal, up $11 million.
  • There were no significant falls over $10 million.
• Japan: total exports were down $4.1 million (1.1 percent).
  • The largest rises were meat and edible offal, up $21 million; and mechanical machinery and equipment, up $19 million.
  • The largest fall was aluminium and aluminium articles, down $14 million.

Imports

Goods imports fell by $821 million (13 percent) in June 2024 (to $5.5 billion), compared with June 2023.

Petroleum and products lead the fall in imports

Petroleum and products fell by $441 million (55 percent), to $367 million.

Vehicles, parts, and accessories fell $252 million (25 percent) to $773 million. This was led by passenger cars, which fell $140 million (22 percent) to $488 million.

Top monthly import movements by country

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

• China: total imports were up $11 million (0.9 percent).
  • The largest rise was fertilisers, up $22 million.
  • The largest falls were mechanical machinery and equipment, down $22 million; textiles and textile articles, down $14 million; and toys, games, and sports requisites, down $12 million.
• EU: total imports were up $33 million (3.3 percent).
  • The largest rises were aircraft and parts, up $141 million; and weapons and ammunition, up $11 million.
  • The largest falls were mechanical machinery and equipment, down $35 million; pharmaceutical products, down $29 million; and electrical machinery and equipment, down $13 million.
• Australia: total imports were down $69 million (10 percent).
  • There were no significant rises over $10 million.
  • The largest falls were vehicles, parts, and accessories, down $14 million; and pharmaceutical products, down $13 million.
• USA: total imports were down $49 million (8.4 percent).
  • The largest rise was mechanical machinery and equipment, up $21 million.
  • The largest falls were food residues, wastes, and fodder, down $22 million; and petroleum and products, down $13 million.
• South Korea: total imports were down $54 million (14 percent).
  • There were no significant rises over $10 million.
  • The largest fall was vehicles, parts, and accessories, down $31 million.

Trade surplus in June 2024

The monthly trade balance was a surplus of $699 million.

June 2024 quarter

June 2024 values are seasonally adjusted and compared with the March 2024 quarter.

• Goods exports fell 0.1 percent ($10 million) to $17.7 billion, following a 5.5 percent rise in the March 2024 quarter.
• Goods imports rose 4.4 percent ($828 million) to $19.8 billion, following a 1.7 percent fall in the March 2024 quarter.
• The quarterly trade balance was a deficit of $2.2 billion.

June 2024 year

Annual values are actual and compared with the year ended June 2023.

• Annual goods exports were valued at $68.7 billion, down $4.0 billion from the previous year.
• Annual goods imports were valued at $78.1 billion, down $10.7 billion from the previous year.
• The annual trade deficit was $9.4 billion. In the year ended June 2023, the annual trade deficit was $16.1 billion.

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

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

The trade balance is a surplus of $699 million. This is the difference between exports valued at $6.2 billion (down $7.4 million or 0.1 percent) and imports valued at $5.5 billion (down $821 million or 13 percent).

Export commodities that rose included: fruit, up $95 million (18 percent); preparations of milk, cereals, flour, and starch*, up $94 million (57 percent); mechanical machinery and equipment, up $63 million (32 percent); and meat and edible offal, up $38 million (4.8 percent).

Export commodities that fell included: milk powder, butter, and cheese, down $172 million (10 percent); crude oil**, down $111 million (76 percent); precious metals, jewellery, and coins, down $38 million (35 percent); and logs, wood, and wood articles, down $29 million (7.7 percent).

Import commodities that rose included: aircraft and parts**, up $131 million (233 percent); railway stock, up $17 million (279 percent); weapons and ammunition, up $16 million (557 percent); and salt, earths, stone, lime, and cement, up $14 million (117 percent).

Import commodities that fell included: petroleum and products**, down $441 million (55 percent); vehicles, parts, and accessories, down $252 million (25 percent); pharmaceutical products, down $43 million (21 percent); and iron and steel, and articles, down $41 million (26 percent).

*Includes infant formula.
**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: March 2024 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

Michaela Chan
04 931 4600
[email protected]

ISSN 1178-0320

Next release

Overseas merchandise trade: July 2024 will be released on 20 August 2024.