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Overseas merchandise trade: May 2022 - Stats NZ

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Fuseworks Media

Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

Key factsThis release refers to trade in goods only.

May 2022 monthly values are actual and compared with May 2021.

Goods exports rose $1.1 billion (18 percent) to $7.0 billion. Goods imports rose $1.3 billion (24 percent) to $6.7 billion. The monthly trade balance was a surplus of $263 million. Australia leads the monthly exports rise. Imports were up from most top trading partners.

Exports rise to all top destinations except China

The monthly movements for May 2022 for our top export partners (ranked by total annual goods exports) were:

China - down $69 million (3.8 percent) to $1.8 billion, led by a fall in milk powder, butter, and cheese (down $208 million), offset by a rise in crude oil (up $38 million). Australia - up $292 million (49 percent) to $884 million, led by rises in petroleum and products (up $133 million). USA - up $112 million (18 percent) to $721 million. The largest rise was mechanical machinery and equipment (up $27 million), the largest fall was in wine (down $14 million). EU - up $108 million (23 percent) to $575 million, led by a rise in meat and edible offal (up $52 million). Japan - up $3.2 million (0.7 percent) to $444 million, led by a rise in petroleum and products (up $16 million).

Goods exports rose $1.1 billion (18 percent) in May 2022 to $7.0 billion. Meat and edible offal (our second-largest export commodity group) was the largest contributor to the rise, up $213 million (27 percent) to $1.0 billion. Beef rose $123 million (34 percent) in value and 0.5 percent in quantity. The average unit value rose 33 percent. Sheep meat rose $83 million (22 percent) in value; the quantity exported fell 2.0 percent. The average unit value rose 25 percent. Milk powder, butter, and cheese (our largest export commodity group) was the second largest contributor, up $157 million (11 percent) to $1.6 billion. Milk fats (including butter) rose $143 million (59 percent) in value; the quantity exported rose 13 percent. The average unit value rose 41 percent. Butter rose $24 million (16 percent) in value; the quantity exported fell 19 percent. The average unit value rose 44 percent. Milk powder rose $21 million (2.4 percent) in value; the quantity exported fell 23 percent. The average unit value rose 34 percent. Cheese fell $13 million (6.6 percent) in value and 30 percent in quantity. The average unit value rose 33 percent. Petroleum and products lead increase in imports Goods imports rose $1.3 billion (24 percent) in May 2022 to $6.7 billion. Petroleum and products rose $214 million (39 percent) to $767 million. Crude oil fell $214 million (100 percent) in value. The Marsden Point refinery has ceased refining crude oil as of April 2022. Automotive diesel rose $141 million (112 percent) in value. The quantity imported rose 2.7 percent. The average unit value rose 107 percent. Regular petrol (91) rose $103 million (97 percent) in value. The quantity imported rose 14 percent and the average unit value rose 74 percent. Mechanical machinery and equipment rose $121 million (16 percent) to $888 million, led by laptops, up $17 million (24 percent). Electrical machinery and equipment increased $117 million (24 percent) to $611 million, led by mobile phones, up $42 million (29 percent). Rises for most top import partners in May 2022 The monthly movements for May 2022 for our top import partners (ranked by total annual goods exports) were: China - up $292 million (25 percent) to $1.5 billion, led by rises in electrical machinery and equipment (up $63 million), mechanical machinery and equipment (up $61 million). EU - up $110 million (12 percent) to $989 million, led by rises in mechanical machinery and equipment (up $28 million). Australia - up $113 million (18 percent) to $741 million, led by cereals (up $34 million). USA - down $29 million (5.5 percent) to $504 million, led by falls in vehicles, parts, and accessories (down $38 million). Japan - up $126 million (41 percent) to $431 million, led by rises in petroleum and products (up $60 million), and vehicles, parts, and accessories (up $55 million). Outside of our top import trading partners in May 2022 Singapore - up $340 million (193 percent) to $517 million, led by a rise in petroleum and products (up $322 million). Malaysia - up $154 million (158 percent) to $251 million, led by a rise in petroleum and products (up $82 million). Trade surplus in May 2022 The monthly trade balance was a surplus of $263 million compared with a surplus of $497 million in May 2021. May 2022 year Annual values are actual and compared with the year ended May 2021. Annual goods exports were valued at $67.2 billion, up $7.7 billion from the previous year. Annual goods imports were valued at $76.7 billion, up $17.1 billion from the previous year. The annual trade deficit was $9.5 billion in May 2022. In the year ended May 2021 there was a deficit of $49 million. Text alternative for Goods exports and imports, May 2022 month compared with May 2021 month The diagram shows goods exports and imports for the May 2022 month compared with the May 2021 month. The trade balance is a surplus of $263 million. This is the difference between exports valued at $7.0 billion (up $1.1 billion or 18 percent) and imports valued at $6.7 billion (up $1.3 billion or 24 percent). Export commodities to rise included meat and edible offal, up $213 million (27 percent), milk powder, butter, and cheese, up $157 million (11 percent), fruit up $146 million (23 percent), and crude oil, up $144 million (100 percent). Export commodities to fall included optical, medical, and measuring equipment, down $51 million (36 percent), ships, boats, and floating structures, down $19 million (42 percent), and aluminium and aluminium articles, down $16 million (8.7 percent). Import commodities to rise included petroleum and products-, up $214 million (39 percent), mechanical machinery and equipment, up $121 million (16 percent), electrical machinery and equipment, up $117 million (24 percent), and fertilisers, up $79 million (355 percent). Import commodities to fall included tobacco and tobacco products, down $5.8 million (40 percent). -Imports of crude oil and other petroleum products often fluctuate from month to month. Trend series unavailable due to COVID-19 It is not possible to estimate current trend levels for all seasonally adjusted time series to Stats NZ’s usual quality standard until we know the full effect of COVID-19 on each time series. When each series stabilises, we will estimate the COVID-19 effect on trend. The timeframe for this will vary for different series depending on how they are specifically affected by COVID-19. Revisions  ‘Overseas merchandise trade: May 2022 - revisions to previously published statistics’ Excel table available under Download data for updated provisional values previously published on 20 May 2021. Goods trade statistics for the latest three months are provisional, so we can include late data and amendments. More data Use Infoshare to access time-series data for imports and exports: Subject category: Imports and exports Overseas merchandise trade datasets has CSV data for goods imports and exports. International trade: March 2022 quarter has information on trade in goods and services. Definitions and metadata Overseas merchandise trade - DataInfo+ provides the definitions of terms used in this release and general methodology used to produce overseas merchandise trade statistics.

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