September 2021 marks the third successive month of record imports, resulting in a record trade deficit, Stats NZ said today.
Total merchandise goods imports for September 2021 rose $1.5 billion (30 percent) compared with September 2020, to reach $6.6 billion. With total merchandise trade exports valued at $4.4 billion, having risen $387 million, the September trade balance is a deficit of $2.2 billion.
"These three consecutive record months for imports are a reflection of both the higher prices New Zealanders are paying for consumer goods, and strong demand for capital goods such as machinery used in construction, and passenger vehicles," international trade manager Alasdair Allen said.
See Inflation highest in over a decade for more details.
Imports continue to rise
The largest contributor to the rise in imports was once again vehicles, parts, and accessories, up $269 million (43 percent) to $895 million.
September 2021 also saw the highest monthly value of imports of electric vehicles to date, at $53 million. Imports of electric vehicles accounted for 6.0 percent of all passenger vehicle imports in the year ended September 2021, whereas they made up just 2.0 percent in the year ended September 2018.
| Year ended September | "Value" |
| 2018 | 102077405 |
| 2019 | 165576998 |
| 2020 | 133684586 |
| 2021 | 329098545 |
Other significant rises in imports were in mechanical machinery and equipment (up $192 million), and electrical machinery and equipment (up $131 million), with its top contributor being mobile phones (up $60 million).
Exports of milk powder, butter, and cheese
"We've seen a strong start to the export season for milk powder, butter, and cheese, this month having the highest value for exports for any September month since 2013," Mr Allen said.
| Period | 2018/19 | 2019/20 | 2020/21 | 2021/22 |
| August | 515548323 | 538699896 | 593878162 | 602673656 |
| September | 720977408 | 872751972 | 775628665 | 904071663 |
| October | 1228756522 | 1447483396 | 1249331468 | |
| November | 1469037726 | 1802334470 | 1796437419 | |
| December | 1782861140 | 1983218295 | 1607200877 | |
| January | 1486706813 | 1596471335 | 1424775436 | |
| February | 1297188477 | 1477400259 | 1260582312 | |
| March | 1386686826 | 1492516196 | 1553063545 | |
| April | 1278366021 | 1564530961 | 1253874103 | |
| May | 1272552413 | 1330261761 | 1484566700 | |
| June | 1136179832 | 1226149726 | 1610485874 | |
| July | 1252858587 | 1115582318 | 1422731509 |
Exports of milk powder, butter, and cheese were up $128 million (17 percent) in September, reaching $904 million. The largest contributor to this rise was milk powder, up $64 million.
Milk powder prices at $5.5 per kilogram, have risen 22 percent as compared to September 2020. Milk powder prices are at their highest since the previous high in the 2013/14 export season.
Trade balance
The annual trade balance for the year ended September 2021 was a deficit of $4.1 billion.
