Imports plunge, New Zealand records $669 million goods trade surplus for June

NZ Herald

22 Jul, 2024 12:02 AM2 mins to read

New Zealand last month recorded only its third monthly surplus in goods since May 2023, but both imports and exports were down on a year earlier. Photo / Michael Craig

New Zealand recorded a $669 million trade surplus in June, according to Stats NZ.

Overseas merchandise trade data for June showed both imports and exports were down on a year earlier.

Stats NZ said goods exports fell by $7.4m or 0.1% to $6.2 billion.

And goods imports fell to $5.5b, down $821m or 13% compared to June 2023.

Year-on-year, milk powder, butter, and cheese exports fell $172m or 10% to $1.5b.

But infant formula exports were up $94m, or 57% compared to June 2023.

Last month’s trade figures were only the third monthly goods trade surplus since May 2023.

The data excludes services such as tourism, transportation and intellectual property services.

Kiwifruit surges

Fruit exports were up 18% to $610m.

Kiwifruit dominated export success in this area, up $73m from June 2023 to $423m.

Car imports hit the skids

Imports of vehicles, parts, and accessories fell $252m or 25% to $773m.

Stats NZ said passenger car imports alone were down $140m or 22% compared to June last year.

A decline in electric vehicle imports late last year coincided with the scrapping of the clean car rebate scheme.

Imports of petroleum and related imports fell even more, down $441m or 55% to $367m.

Jet fuel imports were down $105m on June 2023.

Moody’s Analytics this afternoon said strength returned to New Zealand’s nominal goods trade position in June.

“Unusually low imports drove the latest headline result. Weakness in imports was also echoed by the seasonally-adjusted data, which showed an 11.3% fall from May and a smaller 2.3% decline in exports.”

Moody’s Analytics added: “Goods trade in 2024 has been uneasy. Since peaking in late 2022 and declining until late 2023, exports have been on a long road to recovery.”