Primary products push exports to new high

New Zealand exports reached a new high in June 2021, off the back of record export values for logs and beef, Stats NZ said today.

In June 2021, the value of all goods exports rose $871 million (17 percent) from June 2020 to $6.0 billion. The previous high for exports was in May 2021 ($5.9 billion).

Exports of logs and wood reached a new high, up $105 million (23 percent) from June 2020 to $561 million in June 2021. This increase was driven by logs. Logs' export value rose $87 million to reach record levels, driven by an increase in unit values (up 26 percent).

"The average value of untreated log exports has been steadily rising from the low in July 2020 to reach $199 per cubic metre in June 2021," international trade manager Alasdair Allen said.

Beef exports rose $31 million to reach a new high of $411 million in June 2021, compared with June 2020. This increase was quantity driven, with volumes up 8.5 percent. The previous high for beef export values was in the March 2020 month ($405 million).

Milk powder, butter, and cheese also drove the rise in total exports, up $384 million (31 percent). Kiwifruit also rose $129 million (43 percent) from June 2020.

China continues to receive the largest share of New Zealand exports. In June 2021, China received 32 percent of New Zealand's total exports. China received $703 million (44 percent) of dairy, $367 million (90 percent) of logs, and $329 million (41 percent) of meat.

Record-breaking imports for vehicles, parts, and accessories

Monthly imports were valued at $5.7 billion for June 2021, up 1.1 billion (24 percent) from June 2020. This increase was driven by vehicles, parts, and accessories, up $610 million (166 percent) to $977 million. This is the highest value for vehicles, parts, and accessories on record, with the previous peak at $923 million in May 2018.

The main contributors to this record value were motor cars, up $354 million (176 percent) and vehicles for transport of goods, up $156 million (213 percent). Vehicles for transport of goods reached its highest value ($229 million) in June 2021. The majority of vehicles for transport of goods (55 percent) were imported from Thailand.

Trade balance

The monthly trade balance was a surplus of $261 million.

Highest quarter exports

In the June 2021 quarter, total exports reached its highest ever value, $17.2 billion, driven by two record export months in May and June 2021. The previous peak was in the June 2019 quarter ($16.2 billion).

Exports were up $1.5 billion (9.2 percent) from same quarter last year.

Imports were up $3.4 billion (27 percent) compared with the June 2020 quarter, to $16.1 billion. The June 2020 quarter coincided with the alert level 4 lockdown in New Zealand.