Latest Statistics Confirm Export Growth

Overseas Merchandise Trade: October 2000

The updated value of merchandise exports for October 2000 released today by Statistics New Zealand is $2,729 million. This is $9 million more than the early estimate released on 27 November 2000. Merchandise imports were $2,945 million, giving a revised trade deficit of $216 million for the month.

These statistics indicate the monthly trend value for merchandise exports is continuing to rise at a faster rate than the monthly trend for merchandise imports. This pattern has been maintained since November 1999, resulting in a progressive reduction of the trade deficit.

The updated value of merchandise exports for the year ended October 2000 is $27,913 million, up 20.4 per cent from the previous year ended October. The updated merchandise trade balance for the year ended October 2000 is a deficit of $2,927 million. If the value of the frigate HMNZS Te Mana ($631 million) is removed this is similar to the deficit for the previous October year.

For the year ended October 2000, the destinations contributing the most to the annual growth were Japan, the United States of America and Australia, our top three export markets. The commodities contributing most to the annual growth in exports for the year were dairy products, meat and logs, wood and wood articles.

Trade statistics are provisional for three months to allow for the inclusion of new and amended information.

Ian Ewing DEPUTY GOVERNMENT STATISTICIAN

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