Overseas Merchandise Trade: September 2017

Overseas Merchandise Trade: September 2017

26 October 2017 - Record global butter prices, and higher sales of milk and cream to China, boosted total exports in September 2017, Stats NZ said today.

Milk powder, butter, and cheese exports rose $175 million in September 2017 to reach $791 million, up 28 percent on the same month last year.

Overall goods exports rose $313 million (9.0 percent) to $3.8 billion, mainly driven by milk powder, butter, and cheese.

Milk fats including butter led the rise in dairy-related sales, up $62 million (43 percent) to $207 million, even though volumes fell. Milk powder (up $58 million), and milk and cream (up $44 million), also contributed to the rise. The average unit price of butter was $8,280 a tonne in September 2017, compared with less than $5,000 a tonne in September 2016.

“The increases in both butter and milk powder were price-driven,” international statistics manager Tehseen Islam said. “Milk and cream were mainly volume-driven, especially to China, though prices were up, too.”

Almost 80 percent of milk and cream were exported to China.

Exports of food preparations, including infant formula, were up by $58 million (104 percent) in September. Over half of this commodity was exported to China.

Trade deficit lower in September 2017

Compared with September 2016, imports rose $67 million (1.4 percent) to reach $4.9 billion in September 2017, the second highest imports value on record.

The monthly trade deficit in September 2017 was $1.1 billion (30 percent of exports), $245 million lower than the deficit in September 2016.

Fourteenth consecutive quarterly goods deficit in September

In the September 2017 quarter, there was a seasonally adjusted goods trade deficit of $201 million, Stats NZ said today. This was the 14th consecutive quarterly deficit since March 2014.

For more information about these statistics Visit Overseas Merchandise Trade: September 2017

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