NZ lamb exports hit new record in May

Lamb exports hit a record high in May, Stats NZ said. Photo / File

The value of lamb exports hit a new record of $369 million in May 2018, making for a strong month for meat in general, Stats NZ said.

Higher prices and more quantities of lamb exported boosted this month's level. The previous high for lamb exports was $340m in February 2009, Stats NZ said.

"It has been a strong month for meat exports in general, with both lamb and beef increasing in quantities," international statistics manager Tehseen Islam said.

Meat exports were up $119m (17 per cent) to $812m. The quantity of meat exports rose by 12 per cent.

Lamb exports were the biggest contributor to the rise in meat, with value up $89m (32 per cent) and quantity up 22 per cent.

Exports of lamb were up to all major markets, including China and the European Union.

Today's merchandise trade data showed beef exports were up $16m (4.5 per cent) to $359m, with more exports to China. This increase was partly offset by a fall to the United States.

Overall exports were up $509m (10 per cent) to $5.4 billion, with meat exports having the largest increase. This exports total is the second highest for any month.

The highest exports total was $5.5 billion in December 2017.

Forestry products had the second-largest increase in exports, up $99m (26 per cent) to $477m. The largest increases were to China, Singapore, and Hong Kong.

On the other side of the ledger, motor vehicles led a rise imports over the month.

The value of total imports rose $277m (5.7 percent) in May 2018 to reach $5.1 billion, as New Zealand imported more cars.

Imports of cars rose $78m (17 per cent) in May. This boosted overall imports of vehicles, parts and accessories to $924m, up $185m compared with the same month last year.

In contrast, petroleum and products imports fell $196m (30 per cent) to $455 million in May 2018. Crude oil led this fall, down $256m to $68m.

The department noted that a maintenance shutdown at the Marsden Point oil refinery went into full swing from May 7. This work is scheduled to be completed in mid-June.

-- Staff Reporter