KEY POINTS:
New Zealand's exports to the world rose nearly 20 per cent in April, reaching $3.8 billion for the month.
But the other side of the equation was up too - with $4.1 billion of imports, up 22 per cent from April last year.
Both sides of the
April trade ledger are influence by oil, with crude oil exports reaching a record high of $311 million for the month, and $477 million worth of oil-related imports - with an oil platform and production ship coming into the country during April.
Oil is influencing wider patterns too, says one economist, with our exports to oil producing countries rising, as the amount sent to tradtional partners like the US falls.
Most of the oil exported from New Zealand comes from the offshore Tui oilfield, which is 12.5 per cent owned by locally listed company NZOG.
Exports reached another new high in April, the third in the last five months. It was the eighth consecutive month to show significant increases.
Milk powder, butter and cheese exports were up $131 million and contributed 19.6 per cent of total exports for April 2008.
All this adds up to a monthly trade deficit for Aprilof $334 million, or 8.8 per cent of exports. As a percentage of exports, this is the largest deficit for an April month since 1982.
"However, this deficit must be considered in context with the monthly irregularity of some of the commodities (both export and import) that contributed to it," said Statistics NZ.
ASB Bank economist Nick Tuffley said both exports and imports were stronger than expected.
Exports were reflecting the "shifting balance of world purchasing power" with Australian-destined exports boosted by the oil outflow.
And other oil-producing countries are now getting more New Zealand exports as their incomes get pushed up by rising oil prices. Exports to Venezuela were up 135 per cent, and Saudi Arabia exports were up up 47.5 per cent in the past 12 months.
In contrast, exports to the US are shrinking, reflecting the lower US dollar, a weaker housing market and lower consumer spending.
" What is interesting is the $ value changes over the periods," said Tuffley. "The loss of export income from the US has been almost fully offset by just Venezuela and Saudi Arabia alone, let alone the other oil-producing nations NZ exports to."
"Not withstanding the high price of oil, NZ appears to be doing well overall out of the current commodity boom," said Tuffley.
In the year to the end of April the value of dairy exports rose $2 billion, to $8.5 billion. The petroleum import bill increased by more than $500 million to $6.5 billion.
"However, the export gains are narrowly concentrated whilst the oil pain is universal."
The export figures were "showing encouraging trends" said Tuffley. "...there are offsets from weaker growth in some export destinations and also that the impact of high oil prices is not completely one-sided."
- NZ HERALD