Crude oil imports fall as overall imports rise

Imports were the highest ever for a March month and have increased despite a fall in crude oil imports, Stats NZ said today.

The value of crude oil imports fell $399 million. Overall, imports for March 2021 rose $559 million from the previous March, to $5.6 billion.

The increase in imports was driven by a range of commodities, with large movements in vehicles, parts, and accessories (up $190 million), mechanical machinery and equipment (up $127 million), textiles and textile articles (up $125 million), and electrical machinery and equipment (up $115 million).

"Imports of popular consumer products like cars, cell phones, clothes, and furniture have risen in March," international trade manager Alasdair Allen said.

"There has also been an increase in imports of a wide range of machinery, including excavators."

The value of crude oil imports was $72 million, down $399 million from the same period last year. The fall in crude oil imports was mainly due to an 80 percent fall in the volume imported. The unit price for crude oil was also down 26 percent from the same month last year.

Chinese imports almost double

Imports from China increased by $624 million to $1.3 billion in the March 2021 month, with $94 million of this increase coming from electrical machinery and equipment (mostly cell phones).

Total imports of textiles and textile articles were the highest ever, with most of the increase coming from knitted jerseys and cardigans from China.

Exports fall despite a rebound in logs

Total exports were $5.7 billion for March 2021, down $134 million from the same period last year.

The main driver was an $87 million fall in preparations of milk, cereals, flour, and starch (mostly infant formula), with the fall led by China ($45 million).

Meat exports were also down, falling by $73 million to $927 million, after a record month last year.

"Despite the overall meat exports fall, meat exports to China reached the highest monthly total ever, up $127 million or 42 percent," Mr Allen said.

Log exports to China double

The value of log exports rose $174 million (84 percent) from the same period last year. This was due to rises in both the volume of logs exported (up 57 percent) and the unit price (up 17 percent).

"Exports of logs to China have more than doubled compared with last year," said Mr Allen.

"This reflects the recovery from the COVID-19 pandemic, as this commodity was impacted heavily last year. The price for logs has risen steadily since July 2020 after dropping sharply from a peak in May 2020."

The monthly trade balance was a surplus of $33 million.