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).
MonthMalaysiaSingaporeThailandViet Nam
Jan-18189669974819381543252662336626824523710
Feb-18195460140219374512392684351241845867965
Mar-18203359229419116365132706973962879775499
Apr-18213193366018955847782726658126866312739
May-18207997141919529201382764613053862363221
Jun-18205423296720098721912768198660863948790
Jul-18207469596220601529412770321852867248009
Aug-18209728708420639902712795908080877847194
Sep-18217749391521501850462815252637877989993
Oct-18223982655321272848072834349822896631381
Nov-18212376057021897135882812430829928419459
Dec-18210367745521386498932778810621924364111
Jan-19211777576421780403272770958699937537983
Feb-19211740990121227434202746412512943316044
Mar-19205314136520841100022731844906955675011
Apr-19198506324720781052762780013923980544633
May-19208197317820218103392801061866985313408
Jun-192163675941194292151927743161681000541197
Jul-192198528724194316379827689331961018965933
Aug-192107518730196632994327507285241037060718
Sep-191985088179189067458327519402851042907610
Oct-191929978231194232193027062249841044451743
Nov-192003555307189600252526961650601043119729
Dec-192035937962184362386426747201911057785919
Jan-201985019351185577795626926960491050942978
Feb-202006642797191213533727170512341052256795
Mar-202011698070189661012327356116101039109666
Apr-201918090356185884772726310325571012989697
May-201806717225176434181425061840401000591462
Jun-201717698493176874864424279799061000987686
Jul-20164019123017349117642357788797995816969
Aug-201642794448176850346622744344951005141997
Sep-20172127292717361939522241172728998671767
Oct-20166438357916839452992201211463992194448
Nov-20162074114415653087102187587332961399382
Dec-20164754189815336021092272712460969993651
Jan-211620166032142612937522759572731013208229
Feb-211542049089141066929122612085041013395816
Mar-211464088358151471349322935755831035468339
Apr-211534709101147394787723876509361064484707
May-211556501054155142044824550514841089606558
Jun-211587815546153669988226269778571095109271
Jul-211598467868156010322527459155251126771602
Aug-211712407039151708572528554977171149926861
Sep-211705341319152984366329775679891187820270
Oct-211772505635156318519530515406791197561785
Nov-211832074835160095202131164071501248900735
Dec-211844985865166313421432153618361292848380
Jan-221801007075166414524733009701211283693803
Feb-221856606059164644341233148768181308910656
Mar-221950537829155443632233132441051333742621
Apr-221923127175154826183732788299471371242790
May-222059810037190521674032972639051418354928
Jun-222253802291234473943032146800761445131653
Jul-222531390232268831964732651946831447140534
Aug-222550794457307501732233171093351456207422
Sep-222613502606363024850133112265701513078021
Oct-222696061266392485529934487049601574353450
Nov-222711218466423401230634975633971592895401
Dec-222660509750429541481434518468061587979984
Jan-232820038615496954215333878437361642481395
Feb-232954675956514277231634266795531646699744
Mar-233167701265549657373734580350311641318554
Apr-233337046646596345254634224983261636401856
May-233342232823568152275034110038991606312078
Jun-233402262734541364452035095283111607911984

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.
MonthIndonesiaMalaysiaSingaporeThailand
Jan-1897900413610122911521132480465865544164
Feb-1897770957510123239511210553739857019423
Mar-1898736782210082882461221768281837236318
Apr-1898292735810179143651156903741831599464
May-1896410351910097456331190759478833037804
Jun-189638672529974063751226392978845178419
Jul-18100754875110210518161302034618853898150
Aug-18101850860310378747581275046186865483131
Sep-18102555789010342079161290072765885980114
Oct-18100353535310441825781324310059909410079
Nov-18101064933410386287031333139158914428204
Dec-1897918626610255481221258244922924476698
Jan-1997470305910152436201249357677965190666
Feb-1999504792510188061571172160535976893084
Mar-19100857314410435099421169985270997609440
Apr-191038572587106409609712053087361005639020
May-191044254627105781460511657025591016355145
Jun-191044722542107317348811520079221024546126
Jul-191018896963105322884910995233931024518287
Aug-191004630174104318754411224513361025788753
Sep-191020529938105061915011513488171021755866
Oct-19103463128210536283101125141135999338259
Nov-19103130163610454978511102882364982553867
Dec-19105468292310608813581123505906995473841
Jan-20106287577310717064801156960238971660565
Feb-20107304545210931029571193846010985530356
Mar-20110068493911205907861207572041981529905
Apr-20108843402311053594761189651909995729212
May-201108293065110245558412017902691000028855
Jun-20109281240910927062641195671619994262180
Jul-20107816606410801770321171201599994976090
Aug-20107735472310823209571161219826989826887
Sep-20105857717410685192121108040558979621619
Oct-20104314576710512415911079410931971484727
Nov-20106431879210673277031092074953995822499
Dec-20107305375110461243811076182053950896234
Jan-21107874739210246017461062108352919590255
Feb-2110885224959912195931041232080905072382
Mar-2111019506289381439461048294541892440766
Apr-2110966427929177919761064983928887193187
May-2111568270189412650041064219776895362736
Jun-2112135646089450585671072767749959065706
Jul-2112552864879747353091104674245984362473
Aug-2112707787709834639171102417641988148995
Sep-21129620801199378493911757208811002211091
Oct-211301454479100587828912329521621045278150
Nov-21127115160099669931512186392681050262428
Dec-211298376747102537238312855629131086329360
Jan-221319801960104598789112936029541137474158
Feb-221402300196108258978213427962241178329463
Mar-221452783911112137910013543761721209407374
Apr-221495413309116038868514039407651290536678
May-221555664433118746169714242522631302277302
Jun-221577089854121672328214899020391308198436
Jul-221665807834125106188015002646861331200356
Aug-221817902912126161158815056272931340667739
Sep-221889706838129351795116572466811361817310
Oct-222009938662132889119316346429941357559108
Nov-222074479000136045787417933447111386701721
Dec-222075688097139042475418213729211391945840
Jan-232112437000142828996818282471411405993720
Feb-232070039067139762707118203173771376418390
Mar-232018025829139081411118555448021378268762
Apr-232024376290136547717517679053131314090653
May-231978415722135178657918211495341328132926
Jun-231987961572133818202818488864591277928871

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).

/Stats NZ Public Release. This material from the originating organization/author(s) might be of the point-in-time nature, and edited for clarity, style and length. Mirage.News does not take institutional positions or sides, and all views, positions, and conclusions expressed herein are solely those of the author(s).View in full here.