Overall imports and exports were down in the September quarter compared to 2022, but travel was an outlier. Photo / 123RF
Travel has bucked a downward trend in the country’s imports and exports.
New Stats NZ data showed total exports for the September 2023 quarter were $20.9 billion, down from $22.3b a year earlier.
Imports were down even more, falling to $29b from $30.9b in last year’s September quarter.
The total two-way trade for the September 2023 quarter was $49.9b.
But travel was the star trade performer in the latest quarter. Travel imports were worth $1.96b, and exports $2.48b.
That was a significant jump from just $1.4b in imports and $1.65b in exports a year earlier.
Travel exports cover spending by overseas visitors on goods and services in New Zealand.
“The value of travel imports has exceeded that seen in the September 2019 quarter, demonstrating a return to pre-Covid levels,” Stats NZ international trade manager Alasdair Allen said.
Travel exports typically peak in the March quarter, the most summery of the year, and have yet to reach pre-Covid highs.
ANZ economists today said export prices were slightly higher than forecast, and imports slightly lower.
“Goods export prices fell 1.5 per cent quarter-on-quarter, primarily due to weak meat prices,” the big bank added.
“Import prices for goods fell 0.8 per cent quarter-on-quarter, with lower petrol prices being somewhat offset by large prices rises for imports of consumption goods.”
Stats NZ said total services exports rose $1b to $5.9b in the September 2023 quarter compared with a year before.
In other exports, transportation services were up $190m to $879m and telecommunication services up $70m to $497m.
The value of personal, cultural, and recreation services exports fell $234m to $124m.
Year-on-year imports of insurance and pension services were up $148m to $846m.
Telecommunication services were up $90m to $897m, and charges for intellectual property services rose $36m to $460m.
New Zealand last recorded a trade surplus in June 2021 but the deficit narrowed earlier this year.
Quarter-on-quarter
In the latest September quarter compared with the June 2023 quarter, the terms of trade fell 0.6 per cent as export prices for goods fell 1.4 per cent and import prices were down 0.8 per cent.
Stats NZ said export volumes for goods fell 5.5 per cent and import volumes fell 3.0 per cent.
Export values for goods fell 6.0 per cent and import values fell 4.3 per cent.
The services terms of trade fell 0.9 per cent.
Services export prices rose 1.3 per cent, while import prices rose 2.1 per cent.
A large number of young Kiwis are leaving for Australia, although the rate may have peaked