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Global New Zealand – International trade, investment, and travel profile: Year ended June 2012
Key points

Global New Zealand – International Trade, Investment, and Travel Profile is a twice-yearly report co-published by Statistics New Zealand and the Ministry of Foreign Affairs and Trade. It uses annual data for overseas merchandise trade, the trade of services, foreign direct investment, and international travel and migration figures.

All comparisons are between the year ended June 2011 and the year ended June 2012, unless otherwise stated.

New Zealand’s merchandise exports rose $616 million (1.3 percent) in the year ended June 2012, to $46.7 billion. The largest increases in export values were in dairy products and mineral fuels and oils.

The total value of New Zealand’s imports for the year ended June 2012 was $47.5 billion, up $2.4 billion (5.3 percent). The largest increase in import values was in the mineral fuels and oils category.

The annual merchandise trade balance for the year ended June 2012 was a deficit of $763 million (1.6 percent of exports).

The annual service balance for New Zealand was a deficit of $799 million (5.7 percent of exports).

International arrivals rose by 135,000 individuals (5.2 percent) in the year ended June 2012.

Exports rise $616 million

In the year ended June 2012, New Zealand’s merchandise exports were valued at $46.7 billion, up $616 million (1.3 percent). The top five export commodities were up compared with the previous year.

Australia continues to be New Zealand’s principal export market, receiving 22 percent ($10.5 billion) of New Zealand’s exports in the year ended June 2012, up $146 million (1.4 percent). China, New Zealand’s second-largest export market, accounted for 13 percent of total exports ($6.1 billion). The United States is the third-largest export market, receiving 8.7 percent of total exports ($4.1 billion).

Exports to Asia-Pacific Economic Cooperation (APEC) countries accounted for 71 percent of New Zealand’s total exports ($33.3 billion). Exports to the European Union accounted for 11 percent ($4.9 billion) of total exports.

Exports of agricultural products increase

Exports of agricultural products increased $682 million (2.6 percent) to $26.6 billion. The increase was led by dairy products and wine.

Dairy product exports rose $424 million (3.4 percent), to reach $12.7 billion. This rise was due mainly to increases in exports of concentrated milk and cream, up $169 million (2.6 percent) and casein and caseinates, up $128 million (18 percent). Egypt (cheese and milk constituents), the United States (whey and milk constituents), and the United Arab Emirates (milk powder) recorded the largest increases in dairy products.

Wine exports rose $84 million (7.6 percent), to reach $1.2 billion, mainly led by exports to Australia, the United States, and Canada.

The second -largest export category, meat and meat products fell $196 million (3.4 percent), led by sheep meat.

Forty-two percent of agricultural products were exported to APEC countries. The largest contributions came from exports to China, the United States, and Hong Kong.

Exports of agricultural products to China were up $463 million (13 percent), to reach $4.0 billion. This increase was led by meat and meat products, up $153 million (47 percent), to reach $481 million, led by sheep meat. Wool exports rose $67 million (20 percent).

Exports to the United States were up $177 million (7.1 percent), to reach $2.7 billion. The largest contribution to the rise came from casein, up $61 million (21 percent) to $351 million, and butter and dairy spreads, up $47 million (62 percent) to $122 million.

Exports to Hong Kong were up $103 million (24 percent), to reach $524 million. Milk powder led the increase, up $41 million (111 percent), to reach $78 million.

By value, the largest destination for agricultural products outside APEC was the United Kingdom. Exports to the United Kingdom were down $59 million (5.0 percent), to $1.1 billion. The decrease was led by sheep meat, which was down $46 million (8.0 percent), to $534 million.

Egypt had the largest increase in agricultural products outside APEC, up $143 million (57 percent) to $393 million. This increase was led by dairy products, which were up $146 million (63 percent) to $377 million.

Exports of non-agricultural products decrease

Exports of non-agricultural products decreased $66 million (0.3 percent) in the year ended June 2012, down to $20.1 billion. The largest contributor to the decrease was forestry and forestry products, down $243 million (5.4 percent). This fall was led by logs, wood, and wood articles, down 4.4 percent ($140 million). Metal and metal articles fell $201 million (7.8 percent). Partly offsetting these falls, was a rise in machinery, up $226 million (8.1 percent).

Exports of non-agricultural products to Japan recorded the largest decrease in value, down $53 million (3.1 percent) to $1.7 billion. The largest contributor was unwrought aluminium, down $39 million (6.2 percent) to $590 million.

Exports of non-agricultural products to French Polynesia had the second-largest decrease in value, down $51 million (40 percent) to $75 million.

Exports by level of processing

In the year ended June 2012, 70 percent of all exports were primary products and 25 percent were manufactured goods. Of the primary products, 55 percent were processed. Of the manufactured goods, 65 percent were elaborately transformed. Those percentages showed little change from the year ended June 2011.

New Zealand exported 38 percent of all manufactured goods and 16 percent of all primary products to Australia. China received 17 percent of New Zealand’s primary exports. Primary products were the main contributor to total exports to China. Thirteen percent of manufactured goods were exported to the United States. See the Statistics NZ website for more information about how level of processing (LOP) is classified.

Imports rise $2.4 billion

New Zealand’s merchandise imports in the year ended June 2012 were valued at $47.5 billion, up $2.4 billion (5.3 percent). Oman and Brunei had the largest increases, partly offset by a decrease in imports from the United States.

Imports from APEC countries were valued at $34.4 billion and accounted for 72 percent of total imports. Imports from the European Union were valued at $7.3 billion and contributed 15 percent of total imports.

Imports led by fuels and machinery

China became New Zealand’s largest source of merchandise imports in the year ended June 2012, with imports valued at $7,7 billion (16 percent of total imports). This was up $538 million (7.6 percent) compared with June 2011. The highest-value import commodity from China was computers, up $51 million (7.2 percent) to $763 million, followed by telephones and cellphones, up $60 million (12 percent), to $549 million. Imports for office machinery and parts fell $13 million (15 percent) and television imports fell $ 12 million (10.0 percent).

Australia was the second-largest source of imports, accounting for 15 percent ($7.2 billion) of total imports. This was down $159 million (2.2 percent) compared with June 2011. The highest-value import from Australia was motor vehicles, up $35 million (13 percent), to $316 million. Non-crude petroleum was down $64 million (28 percent) and aluminium oxide was down $30 million (9.2 percent).

The United States was New Zealand’s third-largest source of imports, down $362 million (7.2 percent) to $4.7 billion. Aircraft and aircraft parts, turbo-jets, and turbo-propellers were the largest commodity groups by value.

Mineral fuels and oils were New Zealand’s highest-value imports, worth $8.4 billion. They increased $1.1 billion, and accounted for 18 percent of total imports. Other significant imports included machinery ($6.1 billion), vehicles ($4.9 billion), and electrical machinery ($4.0 billion). A description of the Harmonised System (HS) chapter heading ‘mineral fuels and oils’ is available on the Statistics NZ website.

Imports by level of processing

In the year ended June 2012, 27 percent of all imports were primary products and 72 percent were manufactured goods. Of the primary products, 57 percent were unprocessed. Fuels accounted for 45 percent of unprocessed goods. Of the manufactured goods, 88 percent were elaborately transformed. Mechanical and electrical machinery and equipment accounted for 59 percent of exports for all manufactured goods.

See the Statistics NZ website for more information about how level of processing (LOP) is classified.

Annual merchandise trade deficit is $763 million

The annual merchandise trade balance for the year ended June 2012 was a deficit of $763 million (1.6 percent of exports). This compares with a surplus of $999 million (2.2 percent of exports) for the year ended June 2011.

The trade balance with Australia, New Zealand’s biggest export partner, was a surplus of $3.2 billion (31 percent of exports). This compares with a surplus of $2.9 billion (28 percent of exports) for the year ended June 2011.

The trade balance with China, New Zealand’s largest import partner, was a deficit of $1.6 billion (25 percent of exports). The trade balance with the United States was a deficit of $612 million (15 percent of exports).

Annual service trade deficit is $799 million

New Zealand imported services worth $14.8 billion in the year ended June 2012. Travel services contributed the most, with $4.5 billion (30 percent) of total imported services, followed by transportation with $3.9 billion (26 percent) of total imported services.

New Zealand’s service exports were worth $14.0 billion. Personal travel services contributed $6.4 billion (45 percent of total service exports).

The annual service trade balance was a deficit of $799 million.

Overseas arrivals increase led by short term visitors 

Total overseas visitor arrivals to New Zealand numbered 2.7 million, for the year ended June 2012. There was an increase of 135,000 (5.2 percent) from the year ended June 2011. The increase was mainly due to rise in short term visitor arrivals from Australia, up 64,104 individuals (5.8 percent) and China, up 43,840 individuals (33.3 percent). The short term arrival increases were impacted by the Rugby World Cup.

Total arrivals from Australia increased the most, up 63,000 (5.3 percent), followed by China, up 45,000 (24 percent).

Total arrivals from Japan decreased the most, down 12,000 (17 percent) to 69,000, followed by Korea, down 6,000 (11 percent) to 55,000.

Re-export definition

Re-exports are goods brought into New Zealand and exported without a ‘substantial transformation’ (defined as products that have had 50 percent or more value added). Goods that have been substantially transformed are classified as domestic exports. Trans-shipment goods are not included. Goods that are re-exported will have been previously included in import statistics in some form.

Classifications

The commodity tables show the principal markets for New Zealand’s exports (and some imports) of several product groups, including agricultural, non-agricultural, dairy, meat, fruit and vegetables, forestry, and machinery. Economic groupings, and the geographic country groupings that make up the geographic regions used in the text, are defined in the appendixes. Other definitions (eg the services definitions) are those Statistics NZ uses, and are based on standard International Monetary Fund criteria. See appendix 6.

 

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