Kiwifruit exports again sweeten merchandise trade, help reduce deficit

Kiwifruit exports were well up compared to last year and helped drive a trade deficit down last month.

Fruit exports surged last month, jumping in value by $142 million, or 314%, compared to October 2023.

“This was led by kiwifruit, which rose $133m (1078%) to $146m,” Stats NZ said today.

Total kiwifruit export value recorded for the season so far had reached $3.4 billion, compared to $2.4b at the same time last year.

In October 2024, compared with October last year, overall goods exports rose by $400m to 77.5%, or $5.8b.

Imports rose by $211m (or 3%) to $7.3b compared to a year earlier.

The monthly trade balance was a deficit of $1.5b, Stats NZ said.

That was down by more than $600m compared to the $2.154b trade deficit recorded in September.

In the past two years, a monthly merchandise trade surplus has only been recorded five times and a deficit has been recorded 19 times.

Exports by country

To China, exports were up $113m (8.4%) compared to October 2023, with the biggest rises in milk powder, butter and cheese, as well as petroleum and petroleum products, and fruit.

The biggest declines were for meat and edible offal, casein and caseinates, and timber products such as logs, wood, and wood articles.

To Australia, exports were up $60m (8.3%). The biggest rises were for fruit, and for precious metals, jewellery and coins.

The biggest declines were for milk powder, butter and cheese.

To the USA, exports were up $90m (15%). The biggest rises were for precious metals, jewellery and coins, meat and edible offal, and milk powder, butter and cheese.

The biggest declines were for wine, as well as iron and steel products.

To the European Union, exports were up $48m (18%). The biggest rises were for meat and edible offal, and pharmaceutical products, up $13m.

There were no significant falls exceeding $10m, Stats NZ said.

To Japan, exports were up $19m (6.7%). The biggest rises were for fruit, and milk powder, butter and cheese, up $14m.

The biggest declines were in logs, wood and wood articles.

Imports by country

From China, imports were down $42m (2.7%). The biggest rises were for toys, games, and sports products.

The biggest declines were for petroleum and petroleum products, mechanical machinery and equipment, and vehicles, parts and accessories.

From Australia, imports were down $58m (7.5%). The biggest rises were for inorganic chemicals, food residues, wastes and fodder, and cocoa and cocoa preparations.

Sugar and sugar confectionery imports from Australia fell in value by $28m last month compared to October last year. Photo / 123RF

The biggest declines were for vehicles, parts and accessories, and sugars and sugar confectionery.

From the USA, imports were up $459m (79%). The biggest rises were for aircraft and parts, mechanical machinery and equipment, and petroleum and petroleum products, up $42m.

No category of exports form the USA recorded a fall exceeding $10m.

From the European Union, imports were down $35m (3.2%). The biggest rises were for pharmaceuticals, mechanical machinery and equipment, and railway stock.

The biggest declines were for vehicles, parts and accessories, down $117m.

And imports from South Korea were up $148m (32%). The biggest rises were for petroleum and petroleum products.

The biggest declines were for vehicles, parts and accessories.