Overseas Merchandise Trade 22 October

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 September 2024, compared with September 2023:

• goods exports rose by $246 million (5.2 percent), to $5.0 billion
• goods imports fell by $67 million (0.9 percent), to $7.1 billion
• the monthly trade balance was a deficit of $2.1 billion.

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

Exports

Goods exports rose by $246 million (5.2 percent) in September 2024 (to $5.0 billion), compared with September 2023.

Fruit leads exports rise

Fruit rose $233 million (105 percent), to $454 million. Kiwifruit rose $212 million (117 percent), to $394 million, and apples rose $7.3 million (23 percent), to $39 million.

Milk powder, butter, and cheese rose $147 million (15.2 percent), to $1.1 billion.

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 fell $5.1 million (3.8 percent), to $138 million.

Top monthly export movements by country

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

• China: total exports were down $109 million (8.8 percent).
  • The largest rise was fruit, up $52 million.
  • The largest falls were meat and edible offal, down $67 million; casein and caseinates, down $22 million; and fish, crustaceans, and molluscs, down $17 million.
• Australia: total exports were down $7 million (0.9 percent).
  • The largest rises were precious metals, jewellery, and coins, up $23 million; preparations of milk, cereals, flour, and starch, up $13 million; and fruit, up $11 million.
  • The largest falls were petroleum and products, down $72 million; milk powder, butter, and cheese, down $14 million; and mechanical machinery and equipment, down $11 million.
• USA: total exports were up $11 million (1.9 percent).
  • The largest rises were fruit, up $26 million; milk powder, butter, and cheese, up $21 million; and meat and edible offal, up $15 million.
  • The largest falls were animal or vegetable fats and oils, down $33 million; and beverages, spirits, and vinegar, down $21 million.
• EU: total exports were up $183 million (67 percent).
  • The largest rises were fruit, up $109 million; mechanical machinery and equipment, up $46 million; and meat and edible offal, up $13 million.
  • The largest fall was aluminium and aluminium articles, down $15 million.
• Japan: total exports were down $22 million (8.2 percent).
  • There were no significant rises or falls over $10 million.

Imports

Goods imports fell by $67 million (0.9 percent), in September 2024 (to $7.1 billion), compared with September 2023.

Vehicles, parts, and accessories lead the fall in imports

Vehicles, parts, and accessories fell $439 million (41 percent), to $633 million. This was led by passenger cars that fell $269 million (41 percent), to $393 million, which was in turn led by electric passenger cars that fell $115 million (84 percent), to $21 million.

Top monthly import movements by country

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

• China: total imports were down $158 million (9.8 percent).
  • There were no significant rises over $10 million.
  • The largest falls were vehicles, parts, and accessories, down $96 million; petroleum and products, down $52 million; and mechanical machinery and equipment, down $16 million.
• EU: total imports were up $12 million (1.1 percent).
  • The largest rises were aircraft and parts, up $19 million; and mechanical machinery and equipment, up $13 million.
  • The largest fall was vehicles, parts, and accessories, down $75 million.
• Australia: total imports were up $6.8 million (0.9 percent).
  • The largest rises were precious metals, jewellery, and coins, up $46 million; meat and edible offal, up $12 million; and animal or vegetable fats and oils, up $11 million.
  • The largest falls were cereals, down $30 million; inorganic chemicals, down $20 million; and ships, boats, and floating structures, down $10 million.
• USA: total imports were up $330 million (51 percent).
  • The largest rises were aircraft and parts, up $320 million; electrical machinery and equipment, up $28 million; and mechanical machinery and equipment, up $16 million.
  • The largest falls were vehicles, parts, and accessories, down $18 million; and petroleum and products, down $13 million.
• South Korea: total imports were down $45 million (7.3 percent).
  • There were no significant rises over $10 million.
  • The largest fall was vehicles, parts, and accessories, down $26 million.

Trade deficit in September 2024

The monthly trade balance was a deficit of $2.1 billion.

September 2024 quarter

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

• Goods exports fell 0.5 percent ($90 million) to $17.5 billion, following a 0.5 percent fall in the June 2024 quarter.
• Goods imports rose 2.4 percent ($480 million) to $20.3 billion, following a 4.0 percent rise in the June 2024 quarter.
• The quarterly trade balance was a deficit of $2.8 billion.

September 2024 year

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

• Annual goods exports were valued at $69.4 billion, down $866 million from the previous year.
• Annual goods imports were valued at $78.5 billion, down $7.2 billion from the previous year.
• The annual trade deficit was $9.1 billion. In the year ended September 2023, the deficit was $15.4 billion.

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

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

The trade balance is a deficit of $2.1 billion. This is the difference between exports valued at $5.0 billion (up $246 million or 5.2 percent) and imports valued at $7.1 billion (down $67 million or 0.9 percent).

Export commodities that rose included: fruit, up $233 million (105 percent); milk powder, butter, and cheese, up $147 million (15 percent); logs, wood, and wood articles, up $31 million (7.3 percent); and mechanical machinery and equipment, up $26 million (12 percent).

Export commodities that fell included: crude oil, down $79 million (73 percent); casein and caseinates, down $49 million (49 percent); animal or vegetable fats and oils, down $27 million (63 percent); and aluminium and aluminium articles, down $23 million (18 percent).

Import commodities that rose included: aircraft and parts, up $342 million (405 percent); mechanical machinery and equipment, up $124 million (14 percent); precious metals, jewellery, and coins, up $45 million (117 percent); and animal or vegetable fats and oils, up $23 million (74%).

Import commodities that fell included: vehicles, parts, and accessories, down $439 million (41 percent); petroleum and products, down $217 million (21 percent); cereals, down $30 million (56 percent); and food residues, wastes, and fodder, down $29 million (18 percent).

Imports and exports of petroleum and products, crude oil, aircraft and parts, and ships and boats 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: June 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

Aaron McRae
04 931 4600
[email protected]

ISSN 1178-0320

Next release

Overseas merchandise trade: October 2024 will be released on 25 November 2024.