Overseas Trade Indexes (Volumes): June 2009 quarter (provisional)

Merchandise export volumes

Seasonally adjusted export volumes rose 7.0 percent in the June 2009 quarter following a 3.2 percent rise in the March 2009 quarter. Dairy products, petroleum and petroleum products, and forestry products were the major contributors to the rise in volumes in the June 2009 quarter.

Dairy products volumes, which rose 23.7 percent in the June 2009 quarter, contributed the most to the overall rise in export volumes. This is the third consecutive quarterly rise for dairy products, following 5.3 percent and 15.7 percent rises in the December 2008 and March 2009 quarters, respectively. The leading contributors to this rise in dairy products were increases in the volumes of skimmed and buttermilk powder (up 40.8 percent), whole milk powder (up 16.2 percent) and butter (up 30.8 percent). Dairy volumes are 46.7 percent higher than in the June 2008 quarter, which was affected by the North Island drought.

Petroleum and petroleum products (up 62.7 percent) was the next largest contributor, mainly due to a rise in the volume of crude oil exported. The rise in crude oil export volumes coincides with the commencement of crude oil exports from the Maari oilfield in April 2009 as noted in the Overseas Merchandise Trade: June 2009 Hot Off The Press.

Forestry product volumes also made a significant contribution to the increase in export volumes rising 14.6 percent, with wood (mainly logs) volumes rising 30.8 percent. The increase in forestry product volumes coincides with a 21.5 percent increase in log and wood quantities in the June 2009 quarter, as noted in the Overseas Merchandise Trade: June 2009 Hot Off The Press.

Other upward contributions to the rise in export volumes in the June 2009 quarter were made by fruit and vegetables (fresh or prepared) (up 13.5 percent) and aluminium (up 17.8 percent). Meat was also up (3.5 percent), led by beef and veal (up 12.6 percent).

There were only a few small downward contributions towards export volumes for the June 2009 quarter. The most notable of these was non-food manufactured goods (down 1.8 percent), including contributions from chemicals and related products (down 6.2 percent), and wood manufacture (down 7.9 percent). Fish (live, fresh, chilled, or frozen) (down 7.7 percent), showed the next largest downward movement.

Merchandise import volumes

Seasonally adjusted import volumes fell 1.9 percent in the June 2009 quarter, the fourth consecutive quarterly fall, and is at similar levels to that of the December 2004 quarter. This is the longest period of decline for total imports since the fall that occurred at the start of the series, from the September 1990 quarter to the September 1991 quarter. Intermediate goods were the main contributors to the overall fall in import volumes in the June 2009 quarter. Partly offsetting the overall fall in import volumes were increases in capital goods and passenger motor cars.

Intermediate goods volumes, which fell 8.1 percent in the June 2009 quarter, contributed the most to the overall fall in import volumes. Intermediate goods volumes are at their lowest level since the September 2003 quarter and have fallen over the past year. Parts and accessories of capital goods and transport equipment (down 14.7 percent), and processed fuel and lubricants (down 18.8 percent), were the main contributors to the fall in total intermediate goods. Wind turbine parts contributed the most to the fall in parts and accessories of capital goods and transport equipment, while diesel was the largest contributor to the fall in processed fuels and lubricants. The other sub-indexes within the intermediate goods category fell in the June 2009 quarter, with the exception of the primary fuels and lubricants, and primary food and beverages mainly for industry.

Consumption goods volumes fell 0.7 percent in the June 2009 quarter. This is the fourth consecutive fall for consumption goods volumes, which are now 12.6 percent lower than the June 2008 quarter. Non-durable goods (down 1.1 percent) were the main contributor to the fall in consumption goods. The decrease in the non-durable goods was spread over a number of commodities, with medicines leading the falls.

Motor spirit volumes fell 5.4 percent in the June 2009 quarter, following a rise of 47.1 percent in the March 2009 quarter. The movements in motor spirit volumes are often influenced by large irregular imports.

Capital goods volumes, which rose 41.0 percent in the June 2009 quarter, were the largest offsetter to the overall fall in import volumes. The major contribution to the increase in capital goods volumes was capital transport volumes, which rose 231.3 percent, while the capital machinery and plant sub-index fell 9.7 percent. The large increase in the capital transport volumes was due to the one-off importation of several aircraft valued at $571 million, associated with Jetstar commencing domestic air services in New Zealand, as noted in the Overseas Merchandise Trade: June 2009 Hot Off The Press. Wind turbine generators were the main contributor to the fall in capital machinery and plant volumes.

Passenger motor car volumes rose 36.3 percent in the June 2009 quarter. This increase is from a low level, with the March 2009 quarter being the lowest volume since the March 1998 quarter. Petrol cars with cylinder capacities ranging from 1500–3000cc were the main contributors to the rise in the latest quarter.

Updates to previously published data

The overseas trade indexes are provisional for one quarter to allow for the receipt and editing of late and amended trade documentation. The following table shows updates to unadjusted indexes and values.  

The import and export merchandise series in this release are calculated from the same data as used in the Overseas Merchandise Trade: July 2009 monthly release published on 27 August 2009. Updates published after this date will be included in subsequent overseas trade index (volumes) releases.

For technical information contact:
Soni Makaafi or Henry Minish
Christchurch 03 964 8700
Email: overseastrade@stats.govt.nz.  

 

Next releases ...

Overseas Trade Indexes (Prices): September 2009 quarter (provisional) 
and
Overseas Trade Indexes (Volumes): September 2009 quarter (provisional)
will both be released on 10 December 2009.