Imports rose in February, compared to a year earlier, for the first time following 10 consecutive monthly decreases.
But the figures published today by Statistics New Zealand (SNZ) show the rise was only due to the amount of crude oil brought into the country last month.
Overall, imports rose $37 million or 1.3 per cent to $3 billion last month compared with February 2009.
Crude oil, which is imported in large and irregular shipments, rose $211m to $313m and accounted for 10.5 per cent of merchandise imports last month.
The quantity of crude oil imports recorded for February 2009 was the lowest for any February month since the series began in 1988, and the lowest for any month since May 2004, SNZ said.
Excluding crude oil, imports fell $173m or 6.1 per cent in February from a year earlier.
The value of exports fell $124m or 3.6 per cent to $3.3b in February from a year earlier, with meat and edible offal recording the largest decline, down $72m or 11.4 per cent.
The monthly trade balance in February was a surplus of $321m or 9.7 per cent of exports, compared to an average February trade surplus of 2.9 per cent of exports for the previous ten years.
- NZPA
