Export Values Continue to Decrease
The seasonally adjusted value of merchandise exports decreased 3.4 percent in the December 2002 quarter, according to
Statistics New Zealand. This is the third consecutive quarter to record a decrease. Decreases were recorded in the
December 2002 quarter for most of the main commodities, the major contributors being fruit, dairy products, and logs,
wood and wood articles.
Although the seasonally adjusted value of merchandise exports has been decreasing, the seasonally adjusted quantities of
most of the main export commodities have risen. This suggests a fall in prices for these commodities when expressed in
New Zealand dollars or a change in the composition of the types of commodities exported. The rising New Zealand dollar
has had a downward influence on export prices.
The trend series, which smoothes short-term fluctuations, shows generally declining exports for the latest nine months.
Over this period, trend values indicate an 8.1 percent decrease in export values. For the year ending December 2002, the
provisional value of merchandise exports is $31,026 million, down 5.0 percent from the December 2001 year. The deficit
of $1,330 million for the December 2002 year contrasts with the surplus of $988 million for the previous year.
The provisional value of merchandise exports for the December 2002 month is $2,390 million, updating the early estimate
of $2,370 million published on 29 January 2003. Provisional imports for the December 2002 month are valued at $2,669
million, giving a deficit of $279 million. This deficit, at 11.7 percent of exports, is higher than usual for a December
month.
Brian Pink
Government Statistician
END