Imports continue to recover with large increases in May

A large rise in vehicles, parts, and accessories drove the increase in total goods imports in May 2021, but this large increase was partly offset by decreases in textiles and food wastes, Stats NZ said today.

The monthly value of goods imports in May 2021 rose $1.3 billion (31 percent) from May 2020 to $5.4 billion.

“May 2021 had the largest all-time value in imports of cars for any month,” international trade manager Alasdair Allen said.

“The big monthly rise in vehicle imports was largely due to a recovery from the COVID-19 pandemic.”

Month$
Jan-17380549968
Feb-17383531026
Mar-17495825809
Apr-17439546607
May-17467468133
Jun-17502578954
Jul-17501369905
Aug-17456856196
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-20299841946
Sep-20366402945
Oct-20387669154
Nov-20351541880
Dec-20447432364
Jan-21389543517
Feb-21443314493
Mar-21526501042
Apr-21435530929
May-21567241265

There were increases of car imports from all our major trading partners, with Japan up $115 million, the European Union up $86 million, and the United States up $54 million.

Increase in dairy leads total rise in exports

Monthly goods exports were up $461 million to $5.9 billion. This was driven by dairy products, up $154 million (12 percent) to $1.5 billion from May 2020.

Dairy export values and volumes both rose in May 2021, compared with the same month a year before.

Month$
May-181121360159
Jun-181108068209
Jul-181512374297
Aug-18515548323
Sep-18720977408
Oct-181228756522
Nov-181469037726
Dec-181782861140
Jan-191486706813
Feb-191297188477
Mar-191386686826
Apr-191278366021
May-191272552413
Jun-191136179832
Jul-191252858587
Aug-19538699896
Sep-19872751972
Oct-191447483396
Nov-191802334470
Dec-191983218295
Jan-201596471335
Feb-201477400259
Mar-201492516196
Apr-201564530961
May-201330261761
Jun-201226149726
Jul-201115582318
Aug-20593878162
Sep-20775628665
Oct-201249331468
Nov-201796437419
Dec-201607200877
Jan-211424775436
Feb-211260582312
Mar-211553063545
Apr-211253874103
May-211484490318

The increase was driven by milk powder which rose $129 million (18 percent) in value, and 18 percent in quantity.

Other drivers included fresh milk, up $33 million (42 percent) in value, and 55 percent in quantity.

The exports increase was also driven by logs, wood, and wood articles, up $108 million. This was led by a large rise in untreated logs, up $104 million (35 percent), and 32 percent in quantity.

“Exports of logs have been recovering steadily over the last four months,” Mr Allen said.

Monthly trade balance

The monthly goods trade balance was a surplus of $469 million. The average monthly surplus in the previous five May months was $415 million.

Annual trade balance

Annual goods trade balance was a deficit of $62 million. This is the first annual deficit since the year ended June 2020.

The annual deficit in the May 2021 year came from the steady recovery of imports in recent months.

Month$
May-111018.6
Jun-11999.3
Jul-111288.2
Aug-111028.2
Sep-11694.4
Oct-11688.3
Nov-11287.8
Dec-11806
Jan-12636.7
Feb-12663.4
Mar-12266.8
Apr-12-554.4
May-12-849.9
Jun-12-762.5
Jul-12-767.9
Aug-12-889
Sep-12-891.4
Oct-12-1378.9
Nov-12-1389.2
Dec-12-1155.1
Jan-13-1288
Feb-13-1066.3
Mar-13-520.7
Apr-13-686.5
May-13-901.4
Jun-13-819.3
Jul-13-1705
Aug-13-2129
Sep-13-1559.2
Oct-13-1014.1
Nov-13-273.8
Dec-13-316.7
Jan-14261.9
Feb-14626.7
Mar-14798.3
Apr-141095.1
May-141319.6
Jun-141188.8
Jul-141034.4
Aug-141805.4
Sep-14667.4
Oct-14-55.5
Nov-14-491.6
Dec-14-1183.4
Jan-15-1416.1
Feb-15-2129.2
Mar-15-2372.1
Apr-15-2655.4
May-15-2552.5
Jun-15-2974.5
Jul-15-2762.4
Aug-15-3388.1
Sep-15-3169.1
Oct-15-3182.4
Nov-15-3694.9
Dec-15-3536.6
Jan-16-3576.4
Feb-16-3293.4
Mar-16-3765.4
Apr-16-3599.9
May-16-3624
Jun-16-3335.3
Jul-16-2956.3
Aug-16-3106
Sep-16-3354
Oct-16-3246.8
Nov-16-3174.6
Dec-16-3134.1
Jan-17-3373
Feb-17-3782.2
Mar-17-3709.4
Apr-17-3512.1
May-17-3793.1
Jun-17-3656.8
Jul-17-3213.4
Aug-17-3147.8
Sep-17-2925
Oct-17-2967
Nov-17-3466.2
Dec-17-2850.5
Jan-18-3286.4
Feb-18-3055.8
Mar-18-3468
Apr-18-3815.2
May-18-3677.9
Jun-18-4206.3
Jul-18-4501.4
Aug-18-4893.8
Sep-18-5308.5
Oct-18-5774
Nov-18-5555.6
Dec-18-6160.6
Jan-19-6433.1
Feb-19-6714.9
Mar-19-5739.1
Apr-19-5577.9
May-19-5602.3
Jun-19-4987.2
Jul-19-5516.4
Aug-19-5591.3
Sep-19-5321.3
Oct-19-5054.6
Nov-19-4837.1
Dec-19-4466.6
Jan-20-3927.3
Feb-20-3283.1
Mar-20-3382.1
Apr-20-2392.7
May-20-1273.7
Jun-20-1131
Jul-2026.1
Aug-201368.7
Sep-201655.3
Oct-202222.9
Nov-203286.9
Dec-202982
Jan-212731.4
Feb-212385.7
Mar-211699.8
Apr-21763.5
May-21-61.7

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