New Zealand reports NZ$2.1 billion trade deficit in October

Follow us on Google News:
 New Zealand reports NZ$2.1 billion trade deficit in October
Image source: © Ela9 | Megapixl.com

Highlights

  • Stats NZ reported that the October 2022 trade balance was a deficit of NZ$2.1 billion.
  • New Zealand’s goods export value rose 14% in October month.
  • Goods import value increased to NZ$8.3 billion, led by vehicles, parts, and accessories.

New Zealand’s monthly trade balance for October 2022 was a deficit of NZ$2.1 billion, according to a recent media release by Statistics New Zealand (Stats NZ) on 22 November 2022.

This trade deficit was triggered by increased goods import value of NZ$8.3 billion, up 24% from the previous corresponding period (October 2021). The annual trade deficit, on the other hand, reached a total of NZ$12.9 billion from NZ$4.9 billion last year, as per the Stats NZ report. Goods export value also rose during October, up 14% from October 2021 to NZ$6.1 billion.

The annual goods imports were valued at NZ$84 billion, a 25% rise from the previous year, and annual goods exports were valued at NZ$71.1 billion, 14% more than the prior comparable period.

A glance at Stats NZ’s overseas merchandise trade data

Stats NZ’s overseas merchandise trade data highlighted trade in goods only for October 2022.

Goods export values: goods export value during October 2022 rose by 14% in comparison to October 2021. As per Stats NZ, the biggest contributor to this rise was the milk powder, butter, and cheese industry; it saw NZ$503 million increase, totalling NZ$2 billion for October 2022.

The milk powder industry was the dominant one, with an increase of NZ$218 million, bringing its total value to NZ$1.1 billion. The Stats NZ report says that the quantity only changed slightly while the price per kilogram climbed by 25%. In addition, butter and milk fats significantly increased to NZ$432 million in October 2022. A 38% and a 32% rise in quantity and price per kilogram, respectively.

The value of wine exports increased by NZ$87 million to NZ$278 million. The USA, Australia, and Europe were the largest contributors to these value increases. On the other hand, the value of fruit exports decreased by NZ$69 million to NZ$160 million.

Additionally, New Zealand’s three major trading partners saw an increase in exports. Australia was leading the charts with NZ$160 million rise in value, the USA followed with NZ$87 million increase, and Europe was up NZ$60 million.

Goods import value: rose to NZ$8.3 billion in October 2022, with vehicles, parts, and accessories being the largest contributor, with an increase of NZ$323 million to NZ$1.2 billion:

  • Passenger motor car imports, up 32% to NZ$704 million
  • Electric vehicle imports, up 346% to NZ$104 million
  • Vehicles for the transport of goods, up 68% to NZ$109 million

The second biggest contributor was the petroleum and products industry, with a 44% increase to NZ$943 million. While diesel rose to NZ$493 million in value, petrol also saw a 220% increase to NZ$267 million. Crude oil, on the other hand, dropped by almost 100% in value. This decline could be affected by the cease of the Marsden Point refinery implemented in April 2022.

Four of New Zealand’s top import partners saw rises in October 2022. The biggest movement was reported for the China region, up NZ$317 million to NZ$1.9 billion. This was mainly driven by a more than 50% rise in electrical machinery and equipment. This was followed by Europe, up NZ$231 million, the USA, up NZ$200 million, and Australia, up NZ$131 million.

Disclaimer

The content on this website, including, but not limited to, any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (“Content”) is a service provided by Kalkine Media New Zealand Limited (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide financial advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests users seek financial advice from a financial advice provider, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all liability to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without any express or implied warranties of any kind. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit a source wherever it is indicated or is found to be necessary or desirable.

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK