Merchandise imports have increased for the first time in almost a year, underpinned by a surge in the amount of crude oil brought into the country, figures out today show.
Imports rose in February, compared to a year earlier, for the first time following 10 consecutive monthly decreases.
However imports were still 20 per cent lower than during their peak in September 2008, Statistics New Zealand overseas trade manager Stuart Jones aid.
Imports were up 1.3 per cent to $3 billion during February, compared to the same time last year, while exports fell $124 million (3.6 per cent) during the same period.
Crude oil accounted for 10.5 per cent of merchandise imports during the month, rising $211m to $313m.
Jones said excluding crude oil, imports fell $173 million or 6.1 per cent in February compared with February 2009.
The quantity of crude oil imports was at its lowest for any February month, last year.
Meanwhile the value of merchandise exports fell $124 million to $3.3 billion compared to February 2009.
Exports of meat and edible offal took the largest hit, falling $72 million in compared with the same time last year.
Casein and caseinates and mechanical machinery and equipment also recorded decreases.
The monthly trade balance in February was a surplus of $321m or 9.7 per cent of exports.
