Overseas Merchandise Trade 20 August

Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

Key facts

This release refers to trade in goods only.

In July 2024, compared with July 2023:

• goods exports rose by $770 million (14 percent), to $6.1 billion
• goods imports rose by $558 million (8.5 percent), to $7.1 billion
• the monthly trade balance was a deficit of $963 million.

Exports

Goods exports rose by $770 million (14 percent) in July 2024 (to $6.1 billion), compared with July 2023.

Milk powder, butter, and cheese lead exports rise

Milk powder, butter, and cheese rose $155 million (11 percent), to $1.6 billion.

Changes in exports of milk powder, butter, and cheese, July 2023 to July 2024

	July 2024 value ($ million)	Change in value ($ million)	Change in value	Change in quantity	Change in unit price
Milk powder, butter, and cheese	1,608	155	11%	*	*
Milk powder	685	81	13%	12%	1.1%
Milk fats (including butter)	405	40	11%	-14%	29%
Cheese	293	36	14%	24%	-7.8%
Fresh milk and cream	113	23	25%	*	*
* Changes in total quantity and unit price are omitted due to differences in units of measure.

Other dairy-based products, including infant formula rose this period, and casein and caseinates fell during this period.

	July 2024 value ($ million)	Change in value ($ million)	Change in value	Change in quantity	Change in unit price
Infant formula	171	100	140%	116%	11%
Casein and caseinates	163	-13	-7.5%	24%	-25%

Infant formula is included in preparations of milk, cereals, flour, and starch, which rose $108 million (86 percent) to $235 million.

Fruit, up $135 million (28 percent) to $609 million. This was led by kiwifruit, which rose $100 million (29 percent) to $449 million.

Top monthly export movements by country

The monthly movements in July 2024, compared with July 2023, for our top export partners (in order of total annual goods exports) were:

• China: total exports were up $107 million (8.5 percent).
  • The largest rises were fruit, up $76 million; preparations of milk, cereals, flour, and starch, up $53 million; and logs, wood, and wood articles, up $52 million.
  • The largest falls were meat and edible offal, down $83 million; and wood pulp and waste paper, down $12 million.
• Australia: total exports were up $135 million (19 percent).
  • The largest rises were crude oil, up $72 million; miscellaneous edible preparations, up $21 million; and precious metals, jewellery, and coins, up $20 million.
  • The largest fall was vehicles, parts, and accessories, down $16 million.
• USA: total exports were up $35 million (4.7 percent).
  • The largest rises were wine, up $18 million; fruit, up $17 million; and optical, medical, and measuring equipment, up $11 million.
  • The largest falls were milk powder, butter, and cheese, down $29 million; and mechanical machinery and equipment, down $15 million.
• EU: total exports were up $114 million (30 percent).
  • The largest rises were fruit, up $42 million; aluminium and aluminium articles, up $14 million; and pharmaceutical products, up $12 million.
  • There were no significant falls over $10 million.
• Japan: total exports were up $17 million (5.3 percent).
  • The largest rise was aluminium and aluminium articles, up $14 million.
  • There were no significant falls over $10 million.

Imports

Goods imports rose by $558 million (8.5 percent), in July 2024 (to $7.1 billion), compared with July 2023.

Petroleum and products lead the rise in imports

Petroleum and products rose by $664 million (101 percent), to $1.3 billion.

	July 2024 value ($ million)	Change in value ($ million)	Change in value	Change in quantity	Change in unit price
Petroleum and products**	1,323	664	101%	*	*
Diesel	502	221	79%	63%	9.3%
Petrol	573	342	148%	*	*
Jet fuel	193	107	125%	106%	9.6%
* Changes in total quantity and unit price are omitted due to differences in units of measure. **Imports of petroleum and products fluctuate month to month based on individual large movements.

Vehicles, parts, and accessories fell $217 million (22 percent) to $776 million. This was led by passenger cars that fell $165 million (27 percent) to $456 million, which was in turn led by electric passenger cars that fell $112 million (81 percent) to $26 million.

Top monthly import movements by country

The monthly movements in July 2024, compared with July 2023, for our top import partners (in order of total annual goods imports) were:

• China: total imports were up $233 million (18 percent).
  • The largest rises were petroleum and products, up $50 million; textiles and textile articles, up $27 million; and electrical machinery and equipment, up $27 million.
  • The largest falls were vehicles, parts, and accessories, down $20 million; and railway, down $17 million.
• EU: total imports were down $147 million (14 percent).
  • The largest rises were pharmaceutical products, up $21 million; and ships, boats, and floating structures, up $12 million.
  • The largest falls were vehicles, parts, and accessories, down $159 million; and mechanical machinery and equipment, down $10 million.
• Australia: total imports were up $6.3 million (0.82 percent).
  • The largest rises were inorganic chemicals, up $14 million; and vehicles, parts, and accessories, up $12 million.
  • The largest falls were salt, earths, stone, lime, and cement, down $14 million; and fertilisers, down $13 million.
• USA: total imports were down $255 million (30 percent).
  • The largest rises were mechanical machinery and equipment, up $16 million; and electrical machinery and equipment, up $16 million.
  • The largest falls were aircraft and parts, down $261 million; vehicles, parts, and accessories, down $20 million; and food residues, wastes, and fodder, down $16 million.
• South Korea: total imports were up $480 million (103 percent).
  • The largest rise was petroleum and products, up $481 million.
  • The largest fall was fertilisers, down $17 million.

Trade deficit in July 2024

The monthly trade balance was a deficit of $963 million.

July 2024 year

Annual values are actual and compared with the year ended July 2023.

• Annual goods exports were valued at $69.4 billion, down $2.4 billion from the previous year.
• Annual goods imports were valued at $78.6 billion, down $8.9 billion from the previous year.
• The annual trade deficit was $9.3 billion. In the year ended July 2023, the annual trade deficit was $15.8 billion.

Text alternative for Goods exports and imports, July 2024 month compared with July 2023 month

The diagram shows goods exports and imports for the July 2024 month compared with the July 2023 month.

The trade balance is a deficit of $963 million. This is the difference between exports valued at $6.1 billion (up $770 million or 14 percent) and imports valued at $7.1 billion (up $558 million or 8.5 percent).

Export commodities that rose included: milk powder, butter, and cheese, up $155 million (11 percent); fruit, up $135 million (28 percent); preparations of milk, cereals, flour, and starch*, up $108 million (86 percent); and crude oil**, up $86 million (310 percent).

Export commodities that fell included: meat and edible offal, down $33 million (4.8 percent); mechanical machinery and equipment, down $26 million (12 percent); other animal originated products, down $14 million (26 percent); and casein and caseinates, down $13 million (7.5 percent).

Import commodities that rose included: petroleum and products**, up $664 million (101 percent); electrical machinery and equipment, up $69 million (12 percent); pharmaceutical products, up $65 million (32 percent); and plastic and plastic articles, up $25 million (13 percent).

Import commodities that fell included: aircraft and parts**, down $255 million (87 percent); vehicles, parts, and accessories, down $217 million (22 percent); iron and steel, and articles, down $16 million (10 percent); and salt, earths, stone, lime, and cement, down $16 million (64 percent).

*Includes infant formula.
**Imports and exports of petroleum and products, crude oil, and aircraft and parts fluctuate month to month based on individual large movements.

Source: Stats NZ

More data

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Definitions and metadata

provides the definitions of terms used in this release and general methodology used to produce overseas merchandise trade statistics.

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Next release

Overseas merchandise trade: August 2024 will be released on 23 September 2024.