Exports for May reach a record $4.2 billion

Goods exports reached a record $4.2 billion in May, pushed higher by increases in unsweetened whole milk powder and crude oil.

The value of exports was $238 million or 6 per cent above that for May 2009, making last month only the third time exports had topped $4 billion, Statistics New Zealand said yesterday.

The value of goods imported rose $330 million or 10.8 per cent to $3.4 billion, with the increase led by rises in crude oil and passenger cars.

The trade balance last month was a surplus of $814 million, or 19.4 per cent of the value of exports. That compared with an average May trade surplus of 9.3 per cent of exports for the previous 10 years.

The annual trade balance for the year to May was a surplus of $91 million, or 0.2 per cent of exports, compared with an average deficit of 10.5 per cent of exports for the previous 10 May years.

Exports of unsweetened whole milk powder rose $119 million last month from a year ago, with quantity and prices up, while a $71 million or 44.5 per cent rise in crude oil exports was mainly due to higher prices.

Exports of logs, wood and wood articles rose $44 million or 19.5 per cent; aluminium and aluminium articles lifted $35 million or 49.9 per cent.

The biggest fall in exports was in fruit, which dropped $53 million or 16.7 per cent compared with May 2009, led by kiwifruit with apples also down.

Crude oil imports rose $145 million or 81 per cent from a year ago, although SNZ pointed out that crude oil shipments could be irregular leading to big fluctuations in quantities and values.

Cars recorded the second-largest rise in imports, lifting $112 million or 79.4 per cent last month from May 2009.

Imports of machinery and plant fell $73 million or 13.8 per cent, led by mobile phones and electric generating sets.

For the three months to May goods exports were valued at $12.2 billion, a rise of $586 million or 5 per cent from the same period of 2009.

Milk powder, butter, and cheese exports recorded the largest rise for the three months, lifting $459 million or 19.8 per cent from a year ago, led by unsweetened whole milk powder, anhydrous milk fat, and salted butter, SNZ said.

Crude oil had the second-largest rise in export values for the three months, lifting $219 million or 56.8 per cent, while the logs, wood and wood articles category was up $172 million or 27.4 per cent. Fruit exports fell by $102 million or 13.5 per cent in the three months, led by a fall in apples.

Goods imports rose $165 million or 1.6 per cent from a year ago to $10.2 billion for the three months to May.