Dairy exports dip in September

The value of dairy product exports in September 2020 fell from the same month in 2019, Stats NZ said today.

The fall was price-led, as the overall quantity of dairy products exported rose over the same period.

“New Zealand exported a greater volume of dairy products in September 2020 than in the same month last year, but received less in return,” senior insights analyst Nicholas Cox said.

“September is typically a low point in the export season for dairy products.”

“Global dairy auction prices were slightly weaker in July and August, before recovering somewhat since early September.”

MonthQuantity (kilograms)
Jan-14189947789.2
Feb-14172697875
Mar-14168918488
Apr-14133693788.7
May-14133100671.2
Jun-14130705594.8
Jul-14117397641.1
Aug-1465903471.92
Sep-1495465867.35
Oct-14153333155.1
Nov-14194130920.3
Dec-14251175534
Jan-15183432744
Feb-15159390070.1
Mar-15199774079.2
Apr-15123615015.8
May-15124524022.1
Jun-15111251608
Jul-15130553448.5
Aug-1572070199.85
Sep-1582089726.65
Oct-15146618250.2
Nov-15216712734.7
Dec-15241848818.4
Jan-16198056152.7
Feb-16160431641.4
Mar-16123379010.5
Apr-16141435498.3
May-16132415856.2
Jun-16139363498.3
Jul-16131824666.3
Aug-1663848470.06
Sep-1697990364.82
Oct-16168167821.3
Nov-16200909456.2
Dec-16230441124.2
Jan-17179423183.5
Feb-17134569257
Mar-17134587511.2
Apr-17125422218.5
May-17141743078.8
Jun-17160722647
Jul-17145339993.9
Aug-1743141352.13
Sep-1783105438.12
Oct-17159560099
Nov-17179399108.1
Dec-17256893728.6
Jan-18194790343
Feb-18147201999.2
Mar-18148221758.7
Apr-18140164003.4
May-18113626794.8
Jun-18106966916.4
Jul-18152172529.5
Aug-1841219697.81
Sep-1867065705.44
Oct-18138298223.2
Nov-18208549468.5
Dec-18271706591.4
Jan-19219054348.8
Feb-19173465169.9
Mar-19188850800.8
Apr-19164925286.4
May-19140475940.5
Jun-19115624743.9
Jul-19132316155.7
Aug-1945428553.37
Sep-1987341618.22
Oct-19160039927.9
Nov-19226748462.3
Dec-19256765370.5
Jan-20186267309
Feb-20171953041.5
Mar-20166791061.7
Apr-20163956792.8
May-20140240501.2
Jun-20138299586.6
Jul-20127754766.8
Aug-2059347379.3
Sep-2090851157.66
MonthValue per kilogram ($)
Jan-146.066556383
Feb-146.142096172
Mar-146.008614403
Apr-145.890756443
May-145.684925609
Jun-145.328926446
Jul-144.990032855
Aug-144.90449651
Sep-144.734054323
Oct-144.320394395
Nov-143.996271026
Dec-143.697925866
Jan-153.627981938
Feb-153.523104725
Mar-153.535800735
Apr-153.663345986
May-153.791623109
Jun-154.198085854
Jul-153.9030517
Aug-153.891003419
Sep-153.564049814
Oct-153.225010701
Nov-153.156528207
Dec-153.295015523
Jan-163.324438731
Feb-163.35305893
Mar-163.40158152
Apr-163.105704567
May-163.083981961
Jun-162.985322801
Jul-162.975770074
Aug-162.977389244
Sep-162.927559945
Oct-163.15203936
Nov-163.432117035
Dec-163.718009066
Jan-173.934884698
Feb-174.136907822
Mar-174.334270556
Apr-174.41598285
May-174.216060743
Jun-173.954110655
Jul-173.860753176
Aug-174.277600212
Sep-174.146678627
Oct-174.13776065
Nov-174.285357486
Dec-174.192004584
Jan-183.901198476
Feb-183.763209094
Mar-183.760783368
Apr-183.992364826
May-184.32943753
Jun-184.353260949
Jul-184.561579856
Aug-184.860723141
Sep-184.642189789
Oct-184.38300127
Nov-184.115189328
Dec-184.045482068
Jan-193.9117311
Feb-193.913848701
Mar-194.000900107
Apr-194.191107046
May-194.492229521
Jun-194.686021149
Jul-194.595917979
Aug-195.007901906
Sep-195.048293849
Oct-194.914131143
Nov-194.848365025
Dec-194.781744176
Jan-204.767201764
Feb-205.035136636
Mar-205.319742633
Apr-205.448479973
May-205.07297054
Jun-204.696586445
Jul-204.525451798
Aug-204.512429212
Sep-204.514551004

Milk powder, butter, and cheese exports fell $97 million this month, led by falls in milk fats including butter (down $35 million), and milk powder (down $31 million).

“The falls in butter and milk powder were price-driven, as the export volumes for both commodities were higher in 2020, by 8.0 percent and 4.0 percent, respectively,” Mr Cox said.

Preparations of milk, cereals, flour, and starch (which include infant formula) fell $53 million (26 percent) in value and 29 percent in quantity.

In September 2020, total goods exports were down $350 million (8.0 percent) to $4.0 billion. Crude oil led the fall, down $110 million. It is not uncommon to see large changes in crude oil exports due to the timing of shipments leaving New Zealand.

Imports continue to fall

The value of total goods imports in September 2020 fell $643 million (11 percent) from September 2019, driven by a fall in cars. Since March 2020, total imports have been falling when compared with the same month of the previous year.

“Monthly car imports fell sharply in April and May as the COVID-19 pandemic spread around the world,” Mr Cox said.

“In September 2020 car imports were down $110 million on the same month last year, but monthly values have been recovering from the low levels seen four months ago.”

Month$
Sep-17400172371
Oct-17477882195
Nov-17512901095
Dec-17417190168
Jan-18383741422
Feb-18257348539
Mar-18493554067
Apr-18549616198
May-18545594072
Jun-18457875024
Jul-18454704027
Aug-18471651493
Sep-18454606369
Oct-18397044743
Nov-18333846929
Dec-18398563126
Jan-19436701216
Feb-19350105689
Mar-19399819840
Apr-19365000437
May-19405179272
Jun-19390064684
Jul-19442043031
Aug-19431928444
Sep-19476633153
Oct-19371046609
Nov-19433722741
Dec-19407416326
Jan-20329830434
Feb-20321147934
Mar-20428035278
Apr-20246731402
May-20160020929
Jun-20200248038
Jul-20208401573
Aug-20299820612
Sep-20366370222

Other contributors to the fall in imports in September 2020 were aircraft and parts (down $117 million), turbo-jets and propellers parts (down $56 million), and cell phones (down $37 million).

“The falls in imports were partly offset by small rises in some commodities, most notably laptops, up $27 million,” Mr Cox said.

“The ongoing demand for laptops has coincided with more people working from home during COVID-19 lockdowns.”

Imports were down in September from all of New Zealand’s major trading partners, led by Japan (down $155 million), mainly due to lower imports of cars. Imports from the EU fell $133 million due to a fall in aircraft and parts, the US fell $128 million due to mechanical machinery and equipment, and China fell $113 million, led by a fall in cell phones.

Monthly trade balance

The monthly trade balance in September 2020 was a deficit of $1.0 billion, which is equivalent to 25 percent of total exports. The average deficit in the previous five September months was $1.3 billion.

/Stats NZ Public Release. The material in this public release comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length. View in full here.