Vehicles and crude oil lead large rise in imports

A large rise in total goods imports in April 2021 was led by vehicles and crude oil, Stats NZ said today.

The value of goods imports in April 2021 rose $1.0 billion (26 percent) from April 2020 to reach $5.0 billion.

"The rise in import values contrasts with a fall of similar magnitude in import values in April 2020," international trade manager Alasdair Allen said.

"In April 2020, New Zealand had entered COVID-19 level 4 lockdown, non-essential businesses had closed, and domestic and international travel was restricted."

Crude oil rose $207 million. The rise was quantity-led; the average unit value also rose, up 39 percent.

Imports rose from all of New Zealand's top trading partners. The largest of the rises was the European Union (up $214 million or 41 percent), with rises in cars, trucks, and mechanical machinery and equipment.

Log exports strong, while dairy products and fruit fall

Exports of several commodities, including forestry products and mechanical machinery, increased in value in April 2021, but these rises were partly offset by falls in dairy products and fruit.

In April 2021, the value of total goods exports rose $65 million (1.2 percent) compared with April 2020, to $5.4 billion.

The rise in exports was led by a $287 million increase in the value of untreated logs, to a level nearly four times greater than the value in April 2020.

"Exports of logs were at low levels in April 2020 due to a suspension of logging operations, as New Zealand remained at alert level 4 in that month," Mr Allen said.

"A rise in average unit values also contributed to the increase, up 6.7 percent from a year earlier."

Other export commodities to rise included mechanical machinery and equipment (up $102 million), live animals (up $64 million), and optical and medical equipment (up $44 million).

These rises were partly offset by large falls in dairy products and fruit.

Milk powder, butter, and cheese (our largest export commodity group by value) fell $311 million (20 percent), with a price-led fall in milk powder and a quantity-led fall in milk fats other than butter.

Average unit values of all dairy export commodities fell from a year earlier.

Exports of fruit fell $192 million (24 percent), with both gold kiwifruit and apples down in value from a year earlier.

Gold kiwifruit fell $80 million (19 percent) in value and 2.8 percent in quantity. The average unit value fell 16 percent. The fall in gold kiwifruit was led by a $94 million fall in exports to Japan, partly offset by smaller rises in other markets.

Apples fell $74 million (35 percent) in value and 31 percent in quantity. The average unit value fell 5.1 percent.

Other export commodities to fall included food preparations (a commodity group that includes infant formula) and wine (led by a fall in the quantity exported).

The monthly trade balance was a surplus of $388 million.