Overseas Merchandise Trade 23 September

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 August 2024, compared with August 2023:

• goods exports fell by $6.1 million (0.1 percent), to $5.0 billion
• goods imports fell by $70 million (1.0 percent), to $7.2 billion
• the monthly trade balance was a deficit of $2.2 billion.

Exports

Goods exports fell by $6.1 million (0.1 percent) in August 2024 (to $5.0 billion), compared with August 2023.

Meat and edible offal lead exports fall

Meat and edible offal, fell $119 million (19 percent), to $497 million. Sheep meat fell $64 million (27 percent), to $170 million, and beef fell $51 million (15 percent), to $286 million.

Milk powder, butter, and cheese fell $79 million (8.1 percent), to $885 billion.

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

	August 2024 value ($ million)	Change in value ($ million)	Change in value	Change in quantity	Change in unit price
Milk powder, butter, and cheese	885	-79	-8.1%	*	*
Milk powder	308	-24	-7.3%	-14%	7.3%
Milk fats (including butter)	227	2.8	1.3%	-21%	27%
Cheese	166	-6.9	-4.0%	0.5%	-4.5%
Fresh milk and cream	117	-26	-18%	*	*
* 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.

	August 2024 value ($ million)	Change in value ($ million)	Change in value	Change in quantity	Change in unit price
Infant formula	139	15	12%	36%	-18%
Casein and caseinates	42	-49	-54%	-43%	-18%

Infant formula is included in preparations of milk, cereals, flour, and starch, which rose $3.8 million (2.0 percent), to $190 million.

Fruit, up $203 million (53 percent), to $590 million. This was led by kiwifruit, which rose $177 million (58 percent), to $485 million.

Top monthly export movements by country

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

• China: total exports were down $195 million (16 percent).
  • The largest rises were fruit, up $62 million and crude oil, up $35 million.
  • The largest falls were milk powder, butter, and cheese, down $94 million; meat and edible offal, down $90 million; and logs, wood and wood articles, down $36 million.
• Australia: total exports were up $16 million (2.2 percent).
  • The largest rise was mechanical machinery and equipment, up $11 million.
  • The largest fall was iron and steel, and articles, down $14 million.
• USA: total exports were up $22 million (3.1 percent).
  • The largest rises were electrical machinery and equipment, up $15 million; iron and steel, and articles, up $12 million; and meat and edible offal, up $12 million.
  • The largest falls were milk powder, butter, and cheese, down $23 million; wine, down $17 million; and animal and vegetable fats and oils, down $14 million.
• EU: total exports were up $23 million (5.9 percent).
  • The largest rise was fruit, up $48 million.
  • The largest fall was aluminium and aluminium articles, down $14 million.
• Japan: total exports were up $102 million (39 percent).
  • The largest rises were fruit, up $59 million; and milk powder, butter, and cheese, up $23 million.
  • There were no significant falls over $10 million.

Imports

Goods imports fell by $70 million (1.0 percent), in August 2024 (to $7.2 billion), compared with August 2023.

Vehicles, parts, and accessories lead the fall in imports

Vehicles, parts, and accessories fell $478 million (42 percent), to $669 million. This was led by passenger cars that fell $367 million (51 percent), to $354 million, which was in turn led by electric passenger cars that fell $95 million (88 percent), to $13 million.

Top monthly import movements by country

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

• China: total imports were down $101 million (6.4 percent).
  • The largest rise was fertilisers, up $14 million.
  • The largest falls were electrical machinery and equipment, down $54 million; mechanical machinery and equipment, down $34 million; and petroleum and products, down $34 million.
• EU: total imports were down $91 million (8.2 percent).
  • The largest rises were ships, boats, and floating structures, up $31 million; and aircraft and parts, up $16 million.
  • The largest falls were vehicles, parts, and accessories, down $112 million; and mechanical machinery and equipment, down $32 million.
• Australia: total imports were down $100 million (12 percent).
  • The largest rise was inorganic chemicals, up $12 million.
  • The largest falls were vehicles, parts, and accessories, down $47 million; and cereals, down $24 million.
• USA: total imports were up $154 million (24 percent).
  • The largest rises were aircraft and parts, up $185 million; food residues, wastes, and fodder, up $12 million; and optical, medical, and measuring equipment, up $10 million.
  • The largest falls were vehicles, parts, and accessories, down $45 million; and mechanical machinery and equipment, down $23 million.
• South Korea: total imports were up $185 million (39 percent).
  • The largest rises were petroleum and products, up $173 million; and fertilisers, up $29 million.
  • The largest fall was vehicles, parts, and accessories, down $19 million.

Trade deficit in August 2024

The monthly trade balance was a deficit of $2.2 billion.

August 2024 year

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

• Annual goods exports were valued at $69.3 billion, down $2.1 billion from the previous year.
• Annual goods imports were valued at $78.6 billion, down $8.3 billion from the previous year.
• The annual trade deficit was $9.3 billion. In the year ended August 2023, the annual trade deficit was $15.5 billion.

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

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

The trade balance is a deficit of $2.2 billion. This is the difference between exports valued at $5.0 billion (down $6.1 million or 0.1 percent) and imports valued at $7.2 billion (down $70 million or 1.0 percent).

Export commodities that rose included: fruit, up $203 million (53 percent); crude oil*, up $33 million (89 percent); mechanical machinery and equipment, up $22 million (10 percent); and wood pulp and waste paper, up $21 million (50 percent).

Export commodities that fell included: meat and edible offal, down $119 million (19 percent); milk powder, butter, and cheese, down $79 million (8.1 percent); aluminium and aluminium articles, down $49 million (34 percent); and casein and caseinates, down $49 million (54 percent).

Import commodities that rose included: aircraft and parts*, up $203 million (528 percent); food residues, wastes, and fodder, up $57 million (56 percent); ships and boats*, up $35 million (170 percent); and petrol and products*, up $19 million (2.1 percent).

Import commodities that fell included: vehicles, parts, and accessories, down $478 million (42 percent); electrical machinery and equipment, down $73 million (11 percent); mechanical machinery and equipment, down $35 million (3.2 percent); and iron and steel, and articles, down $26 million (15 percent).

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

Source: Stats NZ

More data

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Subject category: Imports and exports

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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: September 2024 will be released on 22 October 2024.