New Zealand Annual Imports From China Surge In September

(RTTNews) - Annual goods imports from China hit a record high of NZ$10 billion, up NZ$1.6 billion (19 percent), for the year ending September 2015, Statistics New Zealand said on Tuesday. Total goods imports reached NZ$52 billion, the highest-ever for a 12-month period.

Monthly imports from China topped NZ$1 billion for the first time in September, up 22 percent on year (NZ$193 million) to NZ$1.1 billion. Total monthly imports, excluding large import items, were the highest ever in September, up 8.1 percent (NZ$368 million) to NZ$4.9 billion, compared with September last year.

"The value of imports from China has increased across most commodities for the last 12 months," international statistics senior manager Jason Attewell said. "Mobile phones and laptops led the increase, up a quarter of a billion dollars."

Annual two-way trade with China has been increasing since June and is now at NZ$18 billion - despite dairy exports driving a 26 percent decrease in total exports to China for the last 12 months, down NZ$3.0 billion compared with a year earlier.

For the month of September, New Zealand had a merchandise trade deficit of NZ$1.222 billion in September, missing forecasts for a deficit of NZ$825 million following the NZ$1.035 billion deficit in August.

Exports added 2.0 percent on year to NZ$3.69 billion, shy of expectations for NZ$3.90 billion and down from NZ$3.73 billion in the previous month.

Imports dipped an annual 1.3 percent to NZ$4.91 billion versus forecasts for NZ$4.78 billion after showing NZ$4.77 billion a month earlier.

The annual trade deficit was NZ$3.2 billion (6.6 percent of exports).

On a quarterly basis, exports rose 6.4 percent to NZ$12.9 billion. Milk powder, butter, and cheese led the rise, up 9.8 percent (NZ$275 million).

Imports climbed 9.2 percent to NZ$13.9 billion, led by aircraft. The trade deficit was NZ$1.0 billion or 7.9 percent of exports.